Real Estate / TAG Property (J)



Meet the Co-chairs - TAGLAW

Klose, Dr. Christoph
RWP Rechtsanwälte

Real Estate / TAG Property (J)

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As is known, a contract is only effective between the parties due to the principle of relativeness of contract. Lease contracts are also relative contracts and, as a result, if the lessor entitles a third party to a paramount right, related third parties shall not be obliged to allow lessees to use the leased property as a rule. However, the Turkish Code of Obligations ("TCO") Article 310 and the following articles regulate a different rule. Hereinafter, the regulation in the period of former Turkish Commercial Code ("fTCC") will be examined firstly, then the aforementioned regulations will be addressed.

Read more: Handover of the Leased Property after Conclusion of the Lease Agreement

With the national stock market reaching all-time highs in the past year, many real estate experts have indicated that the U.S. real estate market is bound for a bubble burst. That isn’t the case in South Florida, however, according to a new survey released today by Berger Singerman, Florida’s business law firm. Results from the firm’s fourth annual South Florida real estate survey reveal that, thanks to e-commerce advancements, continued foreign investment and the newly signed tax bill, professionals expect South Florida’s real estate growth to continue in 2018.

Read the entire article.

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Property guardianship schemes have become a popular way for landlords to protect their empty properties from squatters and vandalism. For the property guardians, the schemes typically offer plentiful living space at low cost in otherwise expensive cities. The price the guardians pay for this is that they are granted short term licences only, and have few rights compared to assured shorthold tenants. In particular, they can usually be moved on at very short notice, unlike assured shorthold tenants where landlords are obliged to give tenants at least two months’ notice and obtain a possession order, if the tenants do not leave voluntarily.

Read more: Property Guardians – Are They Assured Shorthold Tenants?

The importance of giving accurate and full information in replies to enquiries has been underline by a recent case in which a tenant successfully counterclaimed against its landlord for the cost of remedial works for asbestos removal and associated costs of temporary accommodation.

In the case, First Towers Trustees Ltd v CDS (Superstores International) Ltd (2017), the landlord (First Tower) had leased premises to the tenant (CDS). In replies to enquiries, the landlord had claimed that it had no knowledge of any environmental problems affecting the property. The landlord had, in fact, become aware of the presence of asbestos in the property prior to completion of the lease.

Read more: UK: Replies to Enquiries – Misrepresentation

Lease Surrender

On the surrender of a Lease, it is always necessary to consider whether any VAT will be payable on any payment made by either the Landlord or the Tenant.

There may be some value in the lease, in which case the Landlord may pay the Tenant a premium on the surrender.  On the other hand, the Landlord may have no particular wish to take back the Lease and in such a case the Tenant may pay the Landlord to accept the surrender, either because it no longer has any use for the premises or because the premises are overrented.  Where the Tenant pays the Landlord, this payment is regarded as a reverse premium.

Read more: Is VAT Payable on the Surrender of a Lease or the Exercise of a Break Clause in the UK?