All Forum Posts by: Steve McGovern

@Ramiro Rodriguez forgive my reply here. I mean no disrespect, but I think this will help you even better:

This question has been asked at least 3 times, if not a dozen. Try the search.

If "llc" doesn't pull it all up, try "incorporate" or "entity" or "form an" with any entity type.

Good luck!

**Assuming that your Lease is still current... and that the Lease term isn't up in less than 60 days:   

 Nope!  Sit on it.   Tell them that 20 days is not acceptable (Be REALLY nice and explain it to them exactly as you have done here.) Work with them, but be advised that they're lowballing you on BOTH your time and their money.  Your Lease gives you the RIGHT to stay put for at least that 60 days.   (Does the Lease tell you when the clock starts? Do you need WRITTEN notice? That would be the usual way.)  

So...   you can offer to leave in 20 but ask them for more money ($1000 moving costs plus your last months' FULL rent back as an inconvenience?) Can you afford First, last and Security in the new place? If not, that should be a consideration, too. 

Don't know where you live (state?) but even in a month-to-month scenario, MOST jurisdictions offer 30 days as reasonable.  They should at least meet that threshold.  

The other option is that they offer you some reasonable access to another place.   If they have multiple rentals and a vacancy,  for example, you can ask for $1000 and to ride out the rest of the lease there. 

Do NOT let them threaten you with the Security deposit concerns.  Again in MOST jurisdictions, that is YOUR MONEY and they're just holding it for you.  YMMV. Again, this is where knowing your state would help, and others can chime in.  

All else fails, Get an attorney to write them a cordial letter.   You don't have to be nasty, but you shouldn't have to bend over backwards for someone else's windfall, either.     

Good luck.  

Camden is COMING ALONG...  you're in a great up & coming market there.   I know that's hard for some to hear, and yes, there is still a large area of...  well, Hell on Earth, but I also say this without any sarcasm whatsoever.  If you can find something toward the waterfront in the Corporate development areas or between there & Rutgers, then I think you'll be good.  Time is ripe.  Reminds me of Lowell MA, some 20, 25 years ago.   

Justin, 

SUP = Special Use Permit.  Not to be confused with a Variance.   They give you similar results (on their face) but are entirely different ways to get there and contain very differently 'lasting' effects.  

40,000 Sq. Ft is almost an Acre.   Why do you need three Acres for this project? Sure, you need lots of parking for this type of U&O, but it sounds to me that if you did this with 2 floors and a 20K footprint, you may be able to cut your land-needs by 33 or 50%, too (?)   Then, maybe you'll have more options for existing land resources in proper Zones, or adjacent.  

Just my thoughts.  

Chris Martin absolutely has the right idea and the Company should record it for their own protection.  BUT States' regs vary on whether a Lease "should" or "must" be recorded to be enforcable.  So, know your laws and watch out for that one. In my experiences, very few of these companies do it right.   

Additionally, just to be very precise, no one (smart) records the Lease, because it contains the financial data, and no one (smart) wants to be negotiating against themselves based on the Public Record during every transaction.  What you'll find on record is an abstract. It should be a "Memorandum of Lease" or a "Notice of Lease."    

Are you sure it's a Lease?  Technically, It will matter whether it's a Lease or a License.  If it's a Lease, it CAN carry over to the new Owner.  If it's a license, it should not.   On the other hand, if it's a Power Purchase Agreement...   just duck.  It's not even a Lease, it's a business scheme (term used loosely.) There'll be a ton of hoops to jump through up-to and including the termination of Fixture Filings (UCC-1, UCC-3). These are the ones that can really tie up your transaction.  

Other than the new roof, why are you interested in terminating this thing?   Maybe you can buy it out and turn it into an asset for a new owner.... for a price, of course.  You pay $30K, and add it back into the deal for $45-60K, with a promise of no/reduced energy bills for the New Owner.  Do you know the size of the system/watts on the panels?

@Rich Hupper 

Former Title Guy here-- not just residential conveyancing but also commercial, industrial, Agriculture, telecom, RR, O&G, and Transportation RoW assets. I've seen some stuff.   

It's not advisable, but YES, people sometimes buy with known title defects.    Furthermore, if you're working well with your Counselor, and if said Counselor has a clue, you can often negotiate affirmative coverage over things that others believe are unable to be overcome.  You'll definitely want to get Title Insurance (an Owner's policy, obviously).  You should have it anyway, but the only way to get the Insurance Co to overlook the issue is to Insure the property with an Owner's Policy.  

I'll repeat-- IT IS NOT ADVISABLE, usually... and Wayne Brooks' point is true:   it's impossible to say anything, really, without knowing WHAT the defect is.  

We appear to be neighbors. Want to PM me?  I can walk you through.   

Thanks, David.  Appreciated.   

@David Semer did you wind up with any ideas or experience here? I just searched these guys and found your post. Thanks very much.

@Elijah Glenn step-daughter. You didnt say that. This is an important point for all to understand:

Step-children, unless adopted, do not become next-of-kin for the purposes of inheritance, no matter how long they've been "with" the step- parent. They NEED to be willed-in or they get nothing. The man's "natural" children-- or siblings if he had no natural children, then siblings' kids would get the house. This fact becomes very problematic in some families with poor 'natural' relationships and robust or healthy 'step' relationships.

Regardless, the will can change all that, but it apparently did not in this case.

@Theresa Harris has this answer dead on. Just want to clarify one point for you: just because someone Is executor, doesn't mean that he was the BENEFICIARY of anything at all. Nor does it mean that the daughter is powerless. An executor is merely someone who is obligated to carry out the wishes or will of a deceased party. That will might say "all to daughter" or even "all to charity."

In some states this becomes public record, too, but I will admit ignorance to where and how, and most importantly, when, since time is passing.

Either way, She should compel her uncle, legally if necessary, to allow her to review the will. Tell her to get a lawyer. More than likely, It'll only take one call.