Condominium Law: Choosing Between Limited and Unlimited Warranties

New York condominium plans require certain elements to protect the interests of both the developer or sponsor and the purchaser. They include: Rights and obligations of all parties involved A complete description of the building Financing information Purchase process Operating agreements Certifications Warranties The latter is especially important. All new condominium units must be covered Read More

5 Benefits of Having an Attorney Help with a Real Estate Purchase

For most people, buying a new home or investment property is a momentous occasion. It’s also a transaction with an entire area of law dedicated to it. Real estate attorneys specialize in facilitating property transactions, taking a certain amount of risk out of them, and helping new buyers understand the associated legalities. Below is a list of benefits and protections you will receive when you hire an attorney to Read More

4 Things a Title Search Could Uncover

Once you decide to make an offer on a piece of real estate, the next step is to have a title company or your attorney perform a title search. This process, which delves into the history of the property, uses public records and legal documentation to identify the current owner and uncover any issues that can impair its value or prevent you from taking clear title. Below is a list of 4 complications that may show up Read More

Construction Law: What Are “Consequential Damages”?

When a breach of contract occurs in the construction field, two types of damages are available. They apply whether the disagreement is between the project owner and general contractor or the general contractor and one of their subcontractors. - Direct damages are intended to compensate the plaintiff for losses that result naturally from the breach. Common examples include unpaid invoice amounts, diminished project Read More

Construction Contract Necessities

A well-drafted contract is essential to the success of any construction project. It dictates the terms for everything from materials used to payment schedules, and specifies contingency plans if things go wrong such as delays or disputes over work quality. The elements below are necessary for practically all construction contracts because they can result in significant vulnerabilities if left out. Name, Address, Read More

Construction Law 101: AIA Contracts

When you’re involved in a construction project, having a detailed contract in place can protect it by minimizing risk and avoiding expensive litigation. The American Institute of Architects' A201 General Conditions for Construction and the AIA B141 Owner/Architect Agreement (otherwise known as AIA contracts) are often used because they are familiar to architects and contractors while protecting the rights of Read More

4 Reasons Why You Should Have an Exit Plan in Place

When you start a business, you don’t always have a clear plan for how you will eventually leave it. This is especially true when you’re an enthusiastic entrepreneur fulfilling your lifelong dream. You can’t imagine being anywhere else, nor do you want to. While it may seem counterintuitive to start a business while simultaneously planning on how you will sell or otherwise pass it on this approach is a smart one, Read More

How to Pass on Your Business Through Estate Planning

You’ve spent some of the best years of your life building your business from an energetic startup to a thriving enterprise with a trusted brand and loyal customer base. You don’t think a lot about what will happen to the company when you pass away, but perhaps that should change. If you pass away without providing for the future of the business in your estate plan, it might not outlive you for long. The government Read More

An Overview of Funding Agreements

Between the cost of materials, personnel salaries, and miscellaneous expenses (both planned and unplanned), most construction projects cost millions of dollars to carry out. To acquire the necessary capital, the parties in charge of the project usually need to approach a financial institution, which will draw up a funding agreement for the amount required. Many of the provisions of a project funding agreement are Read More

Tips for Negotiating With Contractors

Most project owners use the traditional hard bid method to select contractors, especially if public projects are involved. You hire an architect, who designs the project. Then you advertise for contractor bids, with the lowest bid typically winning the project. While this approach remains the industry go-to, the negotiated approach is becoming more popular. Project owners who favor this method find that lower Read More