What Is the Role of a Real Estate Attorney?
Commercial leases in New York City are complicated legal documents. They can range anywhere from 15 to over 100 pages in length, depending on the particular landlord. Therefore, it is in the tenant’s best interest to hire an attorney to review their lease and to negotiate modifications on their behalf with the landlord’s attorney.
The role of a real estate attorney usually begins after a lease has been issued, and the landlord’s agent and the tenant’s broker have reached agreement on lease business terms. Business terms may consist of base rent, any monthly pass-throughs, annual rent escalations, proportionate share of real estate tax increases, electricity, security deposit and build-out costs. Once a lease has been issued, it is forwarded to the tenant’s attorney.
While any attorney can negotiate on a prospective tenant’s behalf, it is best to hire a real estate attorney with extensive experience in reviewing New York City commercial leases. The language used in Manhattan commercial real estate leases is different than that found in simpler leases that are common to other regions of the country. Attorneys with this specialty are more likely to spot unsatisfactory terms and ultimately negotiate the most favorable result for the tenant.
For a more in depth explanation contact Alan Rosinsky at (212) 447-5403, Principal Broker of Metro Manhattan Office Space, Inc.
Recent Blog Posts