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In The News Oved Gives Legal Tips for Today’s Tough MarketBy GreenPearl.com
Above: Guest speaker Terrence Oved, Oved & Oved
Lawyer Terrence Oved shared tips to protect clients during these tough times with the audience gathered by Anthony Kazazis at Sheffield57 yesterday. “There are really no easy answers,” he noted, “no playbook to go to to see what to do during these very unusual times.” He mentioned the widely discussed New York Times piece about clients walking away from million-dollar deposits as an example of how extraordinary the real estate business has become. What he did advise was, of course, to get a good lawyer you can trust involved in any contractual issues. He also noted, “There is no reason to be hostile, mean or nasty,” because it will come back to you in the end. He told the story of a restauranteur-client of his who leased a space a number of years ago. The lawyer for the landlord was very hostile. Now that lease is up for renegotiation. “I faxed her over a hostile letter of hers from the initial negotiation, when she asked why I was being so hostile and demanding an immediate decision.” Some options he noted that might work for clients who feel that some earlier agreement might have them buying for more than it is worth included trying for a free option by asking to extend closing by 6 months, finding someone else to assign the deal to, and focusing on whether the seller has fulfilled his part of the deal to the letter of the contract as a way to open renegotiations. As for broker’s commissions, always try to get a payment on signing not closing, but, that said, in this market that won’t be easy. Bottom line today: “A lot of gentlemen’s agreements are not holding up now, and that’s litigation.”
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©2010 Oved & Oved LLP
