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Annapolis Real Estate Law Blog

Children of former partner sue Vikings co-owner

Maryland football fans may be interested to learn about a lawsuit that was recently filed in New Jersey against a co-owner of the Minnesota Vikings, Zygi Wilf and his father, Joseph Wilf. The lawsuit was filed by the children of Meyer Gold, a former partner of Zygi Wilf in a real estate development project.

According to the complaint, Mr. Gold, who is now deceased, held a one-third interest in the development through a company called Amchu. Mr. Wilf and his father allegedly set up another company called Fairfield Woodcrest in order to divert the money earned by the development, thus depriving Mr. Gold of his interest.

Commercial leasing in Maryland

Whether you are a landlord or business tenant in Maryland, you may have disputes over the terms of your commercial lease. In other cases, you may simply need legal guidance regarding your lease and its terms.

No matter what your issue, you probably want to avoid potentially costly litigation to resolve it. You may be able to do this by carefully negotiating the disputed terms or issues with the other party. If you are unable to reach an agreement, you might want to go through an alternative dispute resolution process, such as arbitration or mediation, in order to resolve your differences instead of court litigation.

The SBA's 7(a) loan program for small businesses

Maryland small business owners who are considering the purchase of commercial real estate may want to know about a government-backed loan program that may be available. These loans have a lot of advantages compared to similar small business loans.

While there are many ways to obtain financing for the purchase and renovation of commercial real estate, one option that has a lot of benefits is the 7(a) loan program offered by the U.S. Small Business Administration. While the SBA does not itself make the loans, it has certain standards that must be met by a participating lender in order to conform with the program. Additionally, the SBA guarantees a portion of the loans. These loans may be easier for businesses to qualify for due to the specifics of the program. For instance, the loan-to-value ratio can be much higher and the amortization period longer than similar loans.

An overview of zoning types in Maryland

People who are considering the purchase of real estate for a specific intended use should always make certain that the area in which the property is located is zoned for it. Zoning is used within a particular jurisdiction in order to designate that areas be used for specified purposes only.

Residential zones are those that are designated for residential purposes only. Some may have further limitations on the size of the house or even the color that can be used. Some businesses are designated for only specified commercial zones, and so business owners need to check intended areas to make certain what the restrictions in them are. Industrial zones are designated for certain business purposes, such as manufacturers and others that have loud noises and deal with chemicals.

Real estate transaction attorneys

Many Maryland business owners know that commercial real estate is one of their most valuable assets. When a business needs to complete a real estate transaction, it may be important to have guidance from a real estate law attorney. At the law firm of Bernstein & Feldman, P.A., our team offers a comprehensive range of services to people who are buying, selling, developing or investing in commercial real estate.

Whether you are looking to sell or purchase a piece of commercial real estate, we may be able to help you to find solutions to any problems that you might be facing so that you can complete the desired transaction successfully. We offer legal assistance for people who are dealing with zoning restrictions, environmental permit issues and development easements.

Commercial real estate forecast

Commercial real estate industry professionals and investors in Maryland may want to learn about the recent forecast for industry growth that has been issued by the Urban Land Institute Center for Capital Markets and Real Estate. The report, released on April 8, demonstrates that economists believe the commercial real estate market should experience continued growth for the next three years.

For 2015, the commercial property transaction volume is anticipated to rise to $470 billion, which is an 11 percent increase over 2014's figures. The volume is expected to again grow from that level in 2016 and 2017 by an additional 6 percent, with expected revenues of $500 billion in each year. A total of 46 economists were surveyed for the forecast. They all agreed that their will be an increased rental growth due to improved occupancy and vacancy rates in commercial properties.

Why a rate hike is not bad news for the housing market

People interested in Maryland residential real estate transactions may be concerned about a possible interest rate hike by the Federal Reserve, a move that could occur as early as June. While conventional wisdom may lead people to believe that such an increase will be bad for the market, slowing sales and costing people more money due to rising prices, a rate hike may actually be good news.

Contrary to what some have said, the housing market is doing better than many claim. The foreclosure rate continues to decline and is now at a rate of only one out of every 1,295 mortgages. The housing market has surged as well, with sales rising by 24.8 percent between February 2014 and February 2015.

Easement agreements for real estate in Maryland

Maryland property owners or those wanting to purchase a particular piece of real estate sometimes need an easement in order to use the property in a particular manner. In some cases, an easement may be needed in order to simply access property. In others, a person may need an agreement with another person that a certain activity will not be performed on the property.

There are two types of easements that property owners can use. Affirmative easements are agreements to allow certain actions on property. Examples may include an easement granted across another person's land to install a driveway.

University of Maryland leases several properties

A private foundation operated by University of Maryland officials has leased several pieces of commercial real estate in College Park. UMD plans to use the commercial properties, which are valued at over $20 million, to open a string of restaurants, shops and apartments. The university foundation reportedly worked with the city to come up with a plan for the commercial real estate transactions.

Although UMD is ranked relatively highly for its academic offerings, the campus life is often criticized for being nonexistent. Both the campus itself and the city of College Park are said to be seriously lacking in amenities. In fact, many people believe that the absence of businesses in College Park is the reason only 3 percent of the faculty live there, and students rarely stay after they graduate.

Why Maryland businesses rely on commercial leases

Modern firms have unique requirements for the disposition and handling of critical assets, like business properties and other real estate. Companies that operate out of storefronts, warehousing facilities or manufacturing centers may find it necessary to draft customized lease agreements or amendments in order to maintain acceptable revenue streams and avoid litigation. Our commercial leasing firm works hard to prepare businesses for undesirable lease outcomes by providing the representation and consultation they need to try to make effect asset management decisions.

Our legal professionals deliver the benefits of firsthand experience in fields like eviction actions, breach of leases, lease negotiation and tenant noncompliance. We have worked with businesses on both sides of real estate disputes, so we understand how to help you resolve conflicts by pursuing resolutions that work for everyone.