Commercial Law & Real Estate
Commercial law is an extremely complex area of the law that requires an attorney who is experienced in commercial law matters. Jacob A. Perrone has dedicated substantial time working for clients in the area of commercial law. He has negotiated and drafted commercial agreements including, but not limited to, purchase and sale agreements, operating agreements, share sale agreements, and land contracts. Further he has litigated complex breach of contract actions on behalf of both purchasers and sellers. He has particular knowledge in the area of apartment complex and hotel closings as they relate to foreign purchasers and sellers and the many additional requirements that are imposed on foreign individuals when dealing with real property matters. He has closed a substantial number of commercial transactions and has closed projects with a purchase price in excess of $5,000,000.00. Further, he has extensive experience dealing with commercial financing. If you are going to enter into any commercial agreement there are substantial pitfalls that need to be avoided to ensure that your business venture has the best chance for success and an experienced attorney will be able to address those issues through the “Due Diligence” process.Michigan Real Estate Transactions
There are many issues that need to be addressed in the acquisition or sale of any piece of commercial real property. Profit and Loss Reports and Financial Statements must be scrutinized along with an investigation into the state of the title on the subject property. Tax pro-rations are a particular troubling area of the law for many and often based on the custom of the individual county. Jacob A. Perrone understands the custom that is imposed in the different areas of Michigan and the various ways that taxes are pro-rated and will use this knowledge to your benefit. The difference in the way a tax proration is phrased could result in an unanticipated additional payment above the contract price of more than $100,000.00 if you are not experienced in tax pro-rations. Jacob A. Perrone has particular experience representing foreign sellers of real estate and ensuring compliance with the withholding requirements of the Foreign Investors in Real Property Tax Act (“FIRPTA”) and structuring the transaction to gain the maximum exemption from the FIRPTA withholding that requires ten percent (10%) of the total contract price to be withheld and remitted to the Internal Revenue Service. He also has experience dealing with the transfer of Housing Assistance Payments (“HAP”) contracts through the United States Department of Housing and Urban Development (“HUD”). Don’t make the mistake of not retaining an experienced attorney when getting involved in any commercial real estate deal. Give yourself the best chance of success.