What is force majeure?
Black's Law Dictionary defines force majeure—French for "superior force"—as an event or effect that can be neither anticipated nor controlled. The term is commonly understood to encompass both acts of nature, such as floods and hurricanes, and acts of man, such as riots, strikes, and wars.
It further defines force majeure clauses as contractual provisions that address circumstances in which contractual performance becomes impossible or impracticable due to events that could not have been foreseen and are not within a party's control.
The rationale behind force majeure clauses is that there will always be events that cannot be anticipated and addressed, and for which neither party to an agreement is responsible. In such circumstances
Closing Process in Residential Real Estate Buying
Whether you are buying a residential real estate for the first time or you are used to buying residential properties, you must be aware of the fact that you won’t be able to move into the new house until a formal legal closing on the property has been carried out.
Typically a real estate lawyer or law firm receives a complete and binding agreement from you or your realtor after the agreement of sale and purchase is firm and binding. It is always best to acquire assistance from a reliable real estate law firm prior to the agreement of sale and purchase becoming firm and binding. The real estate lawyer can advise you on various clauses of the agreement vis-à-vis your interests.
No matter how you describe it, there’s a lot to be done by a real estate law firm before you can m
How Can Commercial Real Estate Lawyers Help You with Assignment of Commercial Lease?
An assignment of a commercial lease takes place when an existing tenant transfers its, interest, rights and obligations with respect to the leased property to another party prior to the expiry of the original lease. In simple words, this usually occurs when the business owner is selling the business or wants to leave a lease that hasn’t expired but business is no longer viable.
Assignment of a commercial lease is dependent on the terms of the original lease. Absent any restriction in the original lease, the tenant will have the unlimited right to assign its interest. However, all commercial leases include a provision that expressly restricts the tenant’s right to assign and involves requirement of obtaining a consent from the landlord.
The landlord may or may not permit the
Commercial Real Estate Due Diligence and Considerations
Due diligence is a key and pivotal stage in any commercial real
estate transaction. It is very important that the buyers pay careful
attention and do their due diligence. Due diligence mistakes can cost
the buyers a significant amount and stress if they are not careful.
The key portions of the due diligence are legal, financial, tax, business and environmental considerations. There are various professionals, such as lawyers, real estate agents, accountants, environmental consultants involved in helping the buyer conducts these portions of the due diligence.
When you are potential buyer, you must have all the necessary documentation at hand before you start the due diligence. Therefore, you must have ample time, a minimum of 30 days, after the seller has provided