Leases of any kind have the potential for serious misunderstandings. In a land lease, also known as a ground lease, only the ground is rented. Any building or other structure on the land is owned separately.
Frequently, real estate investors enter into these contracts when they wish to own the land but not actively develop it. A developer may lease the land for a certain period of years, building on the property. When the lease expires, however, the land and any structures on it revert to the owner.
At Albert Buzzetti & Associates, L.L.C., we draft and review land lease contracts — keeping your specific goals in view. Before you enter into an agreement, ensure you and your interests are protected.
Untangling Sublease Agreements
A sublease allows a tenant to lease rented property to another individual or entity. However, this agreement does not transfer all rights from the original tenant to the subtenant and alleviate the original tenant's responsibility. Therefore, the original tenant is generally still responsible to pay rent if the subtenant fails to do so and is liable for any damages to the property. Notice and opportunity to cure provisions are crucial. Assignment provisions need to be reviewed with great care as very frequently disputes arise between landlords and tenants over whether an assignment is required to be consented to by a landlord and what conditions may be imposed on the parties requesting such assignment.
If you are considering the entry into a sublease or you are a landlord and wish to protect your rights against an unknown tenant appearing at your property and declaring itself to be the new tenant without your consent or authorization, we can draft an agreement designed to protect you and your interests. If you are embroiled in a sublease dispute, we can review the lease contract and interpret the terms in plain language.
Real Estate And Sublease Contract Knowledge
Our New Jersey and New York transactional lawyers bring a wealth of experience and legal knowledge to land lease and sublease matters. Our work is informed by decades of work in this area and in-depth knowledge of contracts, landlord/tenant obligations and real property law.
Contact us online or call our firm at 866-237-8202 or 201-308-5313 to schedule a productive meeting regarding your lease concern. We maintain offices in New York City and Englewood Cliffs, New Jersey. Our team speaks multiple languages, allowing us to conduct legal affairs with you no matter what your cultural background or language.