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Contract Terms Real Estate Transactions Contract Drafting

Whitman Legal Solutions, LLC

Pay Attention to “Everything Else” in Your Contracts

When reviewing legal documents, it’s easy to become so focused on a particular area that and forget about “everything else.” Each “everything else” item might seem minor, but collectively, “everything else” can make a serious...more

Whitman Legal Solutions, LLC

Why People “May” Incorrectly Use “Shall,” “Must,” and “Will” Even Though They “Should” Know Better

Contracts, real estate leases, and other legal documents also often include provisions that are mandatory (like obligatos) and/or are optional (like ossias). Terms such as "shall," "must," "will," "may," and "should” each...more

Whitman Legal Solutions, LLC

Contract Drafting Fundamentals – Be Careful What You Incentivize

One of my mantras when preparing contracts and company policies is “to be careful what you incentivize. This article discusses the "cobra effect" and why it's critical when preparing legal documents to consider what behavior...more

Burns & Levinson LLP

Get Formal Extensions When You Have a “Time is of the Essence” Clause

Burns & Levinson LLP on

In some contracts, a party must meet its obligations by a certain date or forfeit its rights, and some of those contracts also include a “time is of the essence” clause. As most practitioners know, coupling a date for...more

Farrell Fritz, P.C.

The “Unintended” Consequences of Not Having a Written LLC Operating Agreement

Farrell Fritz, P.C. on

CONGRATULATIONS!! You have just formed a New York limited liability company to purchase a piece of rental property with your cousin Vinny (no, not that Cousin Vinny) and his good friend Michael. Forming a limited liability...more

Whitman Legal Solutions, LLC

Representations, Warranties, and Covenants

The distinctions between the dealer’s representations, warranties, and covenants, seem obvious in a violin purchase. Yet, many parties and even attorneys mix them up when writing real estate contracts. This article discusses...more

Whitman Legal Solutions, LLC

Surviving Mahler Symphonies and Contract Terminations

How do Contracts End? - Although Mahler symphonies might seem to go on forever, they do eventually end when the orchestra plays the last note in the last movement. Contracts end, also. However, the end of a contract isn’t...more

Whitman Legal Solutions, LLC

Fermatas, Grand Pauses, and Alternatives to Holdbacks in Real Estate Transactions

Before the closing, the parties’ attorneys should prepare documents detailing the holdback alternative. The parties should sign these documents at the closing. If there is a purchase price reduction, the parties should...more

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