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 Naperville condo deconversion attorneysJust as trends come and go in other business arenas, they also make their mark in the commercial real estate world. The condo deconversion is one of the latest booming trends to hit commercial real estate, but some experts believe this may be more than a trend that will fade with time.

There are a few simple realities behind this reasoning: condo deconversion is based on restructuring older properties, and alternatives to new construction are continually in demand. There are - and will continue to be - older properties in need of modernization, and at the same time, real estate investors in need of more affordable construction methods. This makes the condo deconversion business model very appealing in commercial real estate, which means the market will likely continue to see a lot of them in the future.

What does this mean for HOA condominium owners? If you are considering any kind of condo deconversion transaction, it's important to know what you're getting into beforehand. Consider the following as you explore your options:

1. What will the process entail? Selling your property as an individual unit is a complicated process, and you may not make as much selling it individually as you might in a bulk sale, or as a whole property unit. Either way, the process will involve hiring a broker and managing the legal costs to complete the sale. As you assess property value, keep in mind that many different factors may affect the sale price. For example, each condo owner's home is different. Some will have certain upgrades and aesthetic finishes that others lack. 2. Is my HOA on the same page? When it comes to selling a condominium property as a member of an HOA, whether or not the HOA committee is on the same page can make a huge difference in the overall selling process. There are definite benefits to agreeing to sell the condos in a bulk sale. Legally there must be a vote amongst the HOA, and typically a certain percentage must vote in favor of the bill sale before it is permissible by law. Consider speaking with your committee and consulting with professional brokers and legal representatives who can guide you in the right direction. Contact Our Naperville Conodominium Deconversion Lawyers Commercial real estate decisions such as condo deconversion sales can be tricky, but also financially rewarding, so long as your rights are protected from start to finish. To ensure you're prepared for any potential complications that may arise during your transaction, speak with a Naperville commercial real estate attorney today. Call Lindell & Tessitore, P.C. at 630-778-3818 for a specialized consultation today. Source: https://www.forbes.com/sites/forbesrealestatecouncil/2018/07/03/what-members-of-every-hoa-should-know-about-condo-deconversions/#4191f7fe61c9

Naperville real estate lawyersThe Tax Cut and Jobs Act went into full effect at the start of 2019. Sadly, this new law will fall short on delivering some of its promises. A prime example is the small business tax benefit, which was supposed to allow taxpayers who made less than $157,500 ($315,000 for a married couple) to deduct 20 percent of  a pass-through business’ income from their overall taxable income. Yet, in what many call a “shocking” and “counterintuitive” move, the Treasury announced that taxpayers who use triple net leases will be blocked from claiming the deduction.

What might all this mean for your investment portfolio, and what can our seasoned Naperville real estate lawyers do to help? The following information explains further.

Triple Net Leases - The “Gold Standard” in Commercial Real Estate

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Naperville residential real estate lawyerDuring the housing market crash of 2017, investors flocked to pick up every distressed property that they could find. Many sold their assets to other investors. Others remodeled the properties and rented them out, securing themselves a fairly steady cash flow. Still others decided to “flip” their houses and sell them. This last group of investors, otherwise known as “house-flippers” have become commonplace in the last decade, but with fears of a market cool-down mounting, many are now selling their assets and bowing out. Should you do the same, or is now the time to hold onto your assets?

The answer to this question may depend greatly on your current situation.

Profit Margins Shrink as the Cost of Repairs and Mortgage Prices Rise 

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Naperville commercial eviction lawyerBusiness owners of all types can experience a drop in sales and fall behind on their bills. Unfortunately, when this happens, it can leave the landlord in a difficult predicament. On the one hand, commercial property owners know it is usually easier to keep a current tenant than it is to find a new one, so they may be willing to wait out a slow season for a delinquent commercial tenant.

On the other hand, the lack of payment can cut into the investor's profits, perhaps to the point that it places them at risk for financial problems themselves. As such, it is important that investors not only understand the eviction process for a commercial tenant who is behind on their rent, but that they also carefully consider their options before moving forward with the process.

Should You Evict Your Commercial Tenant? 

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Illinois CRE lawyersThe success and overall performance of a commercial property depends on a variety of factors. Perhaps one of the most influential is the way that owners (both property and business owner) handle and prevent personal injury liability situations. Bound to occur at some point, these incidents can cost all involved parties a great deal of time and money. Thankfully, the following sections can help you learn how preparing your commercial real estate property for premises liability can help to protect your asset (and your bottom line).

The Potential Consequences of Ineffective Premises Liability Protection

During the year 2017, more than 53,000 personal injury cases were filed in the United States. Many of these cases likely ended in a settlement, but not all. In either case, these lawsuits cause business and property owners to lose millions of dollars on an annual basis. Attorney fees, settlements, and court costs are just a fraction of the costs that can be associated with such cases. Money may not be the only loss that a business or property owner experiences; one's reputation and image can also be irretrievably damaged if the case goes poorly or receives a lot of publicity.

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