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“Legal possession” is a term used by the landlord-tenant bar. We recently came upon a settlement agreement which required the tenant to deliver “broom-clean legal possession” to the landlord on or before a date certain. In another situation, a good-guy guaranty limited liability to obligations accruing prior to the date the tenant delivers “legal possession” to the landlord. What exactly is meant by “legal possession?”
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By Carol A. Sigmond
New York City is seeing an upsurge of deed theft. Attorneys, architects, title companies, real estate brokers, agents, contractors, developers and construction managers need to be alert to this potential issue when blocks of properties are assembled for development in these neighborhoods.
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For all intents, 2019 has been good for commercial real estate. 2020, at least for the first half, promises much of the same. That is not to say that the CRE environment will be stagnant; as always there will be changes. Some of these will be subtle while others may well be more ground shaking — and likely due to outside circumstances.
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