Commercial Real Estate Blog by Madison
Author Archives: Louis H. Weinberg, Esq.

This Week’s Bedtime Story: Netdiligence

A number of years ago, when I was a transactional real estate attorney, I got a call from a client who wanted to purchase an apartment building in Manhattan. The real estate market was smokin’ hot and buildings were selling fast. There were usually multiple bidders all offering to sign a contract in two days and also willing to buy the building subject to all violations. My client wanted the building badly but I insisted we do some due diligence. I needed to find out how many and what kind of violations affected the building. I needed to determine the legal use permitted by the Certificate of Occupancy so I could make sure my client could continue to maintain the rental stream upon which the purchase price was based. Continue reading

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Keep Work in Perspective

With the passing of Steve Jobs this week, at the relatively young age of 56, many columnists are reflecting on the achievements of his life… and perhaps causing us to think about what we have achieved in our careers and our lives. Here are my thoughts on this. Americans are the hardest working people in the world. We work longer hours, often take work home and work on the weekends. On top of that, we take the fewest number of paid vacation days in the developed world, and most of us don’t even use all the days granted, even though we would be paid for it. Why? Is hard work its own reward? Here’s my best advice for living a happier and healthier life. Continue reading

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At The Closing Table: Everyone Has a Role to Play

If any of the participants in a real estate transaction don’t do their job, it will likely delay the closing or, even worse, cause it to adjourn while the parties are assembled at the closing table. When that happens, it invariably causes anxiety, grief, anger and hardship to some or all of the principals…. When the closing is delayed or adjourned, clients don’t care who is responsible. They get mad, especially with their own attorney whom they’ve paid to prevent this from happening! Continue reading

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The Case for Ordering a New Survey

In my 25+ years in the title business, I have noticed what seems to be an infatuation by purchasers’ attorneys with using an existing survey instead of ordering a new one. This is especially true in residential transactions. The motivation is admirable….to save the client money. However, it is analogous to a doctor not taking x-rays to diagnose a broken bone in order to save the patient a few dollars on the cost of the x-rays. Continue reading

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