Proppytics’ Post

Q2 of 2024 registered 1,077 new building permits filed with the city’s Department of Buildings. This counts the second-highest number of new permit filings since YIMBY began its tally at the start of the decade and continues the strong trend established in the two preceding quarters. The second quarter of 2024 saw an average of 359 permits filed per month in the period spanning from April through June, reflecting an uptick in the pace of permit filings, and will contribute to the long-term growth of real estate supply in NYC. For more information on the latest information on the NYC Real Estate sector, kindly access the following link: https://lnkd.in/dXuVnUZt

Neil Stafford's latest article sheds light on a fundamental aspect of leasing agreements—the extent of demise granted by the lease. It's important for both landlords and tenants/buyers to approach this matter seriously to avoid unforeseen complications. Failure to carefully evaluate the true scope of the premises/equipment being leased/sold can lead to significant issues, impacting the tenant's repairing obligations and rights. Using a standard lease of an office block floor as a case study, he examines what may be encompassed or excluded in the demise. https://bit.ly/4axzJkv

Navigating the complexities of building defects in a lease can be challenging. Not all defects fall under standard repair obligations. Issues like design or construction flaws (inherent defects) may require separate clauses. Understanding this distinction is crucial for landlords and tenants alike. For more info, visit our website. #leaseobligations #buildingdefects #inherentdefects #realestate #propertylaw #landlordtenant #maintenance #titleinsurance #lawsureinsurance #constructionflaws

. . . and oversee the improvements made to the new property during the exchange period. It’s crucial to ensure that all construction draws are made for work that has already been completed and incorporated into the real estate. #1031exchange #improvementexchange #taxsavings #realestateinvesting

Before any construction begins, the Commencement Certificate has to be acquired by the builder to assure that the project is legally ready to take off! Issued by local authorities, this document verifies that the builder has obtained all necessary permissions, ensuring the project complies with zoning, environmental, and legal regulations. Stay informed, secure your investment, and start your homebuying journey with WeVardhman! Follow WeVardhman for more such insights. #WeVardhman #documents #documentschecklist #property #demand #residentialspaces #newbuyer #construction #realestate #journey #investment #homeownership #pune#puneproperties

The revised law introduces several key changes to the rental landscape. 🏡Agency fees will now be split equally between tenants and landlords, whereas previously, tenants were responsible for the full amount. 🏡Additionally, tenants will only need to provide a security deposit equivalent to a maximum of two months‘ rent, reduced from three months. 🏡New provisions also detail the return process for security deposits upon moving out. For instance, landlords are required to refund half of the deposit within a month if no significant damage is reported. 🏡The reform also establishes a legal framework for co-rentals or shared apartments, mandating that all rental agreements must be documented in writing, thereby invalidating verbal contracts. 🏡Furthermore, contracts must specify that rent does not exceed 5% of the invested capital. Read the full article here: https://lnkd.in/eh_2QZ2t

“Your deck is going to be hanging over my property!” That was the exclamation from a neighbor upon reviewing our plans for a new custom project. This unexpected claim led us down a path of discovery and resolution that I believe holds valuable lessons for any real estate developer. Initially, we were baffled. Had we made a mistake? Was it the architect, or perhaps an outdated survey? As it turned out, it was a combination of all three. The property had been acquired in haste, relying on an old survey, and our architect had worked off a previously submitted set of plans. Our vision for the building included large, expansive decks, and that’s precisely what we designed. When the neighbor approached us, we openly shared the plans. He informed us that he had negotiated an easement with the previous owner, allowing him to extend his fence to accommodate his driveway, and had been paying property taxes for that strip of land ever since. Upon reviewing the properly recorded easement agreement, we discovered that the easement was non-exclusive. Technically, while it permitted him to use our property, it didn’t prevent us from utilizing the same space—or the air rights above it. In practice, our deck would have extended over his fence by merely a foot and spanned no more than 3 feet in length. Having a legal argument was not worth it. Fortunately, the solution was simple, and the fix was easy to implement. This experience was a good reminder that even the most meticulously planned developments can face unforeseen challenges, and how we address them can make all the difference. #realestatedevelopment #realestateinvesting #realestate #firsttimedeveloper #duedilligence #learnfrommistakes

Tenant entitled to terminate commercial lease after landlord fails to investigate potential structural defects: Brotherhood of St Laurence v Sarina Investments Pty Ltd [2024] VSCA 46 Who should read this article?  Commercial landlords and tenants. The article will also be relevant to commercial property managers who are often the first port-of-call when these issues arise. In a nutshell: what do you need to know? Victoria’s highest Court has found that a landlord’s failure to investigate structural integrity concerns raised by the tenant and supported by independent engineering evidence, entitled the tenant to terminate a commercial lease. This is a tenant-friendly decision. Landlords and their agents cannot simply ignore requests by tenants to investigate potential structural issues or maintenance concerns. Doing so could result in a tenant terminating the lease, even if it is ultimately found the premises were always structurally sound. Click on the link below to read more... https://lnkd.in/gntbnnca Carl Millington