CAM charges are common in a triple net (NNN) lease. A NNN lease will pass through 1) taxes, 2) insurance and 3) common area maintenance charges to tenants. Common area maintenance charges represent those expenses the landlord incurs to maintain those portions of the property that (theoretically) all tenants enjoy.
What Is ‘CAM’ or Common Area Maintenance?
CAM charges represent the fee tenants pay to the landlord to compensate the landlord for its maintenance, repair, and operation of the non-exclusive areas of the premises.… Read the rest
A quiet title action is a lawsuit started to settle a dispute as to ownership in real property. In Michigan, quiet title actions are authorized by law. The goal of the suit is to cure problems in the chain of title and to have a court determine the precise ownership of real estate. Sometimes a quiet title suit can be “friendly” against other parties and sometimes it can be quiet contentious depending on the situation.
Quiet title actions are common when a property owner wants to retain possession or ensure that title is marketable for future sale.… Read the rest
Why should someone use an attorney for closing a real estate transaction? In Michigan, a real estate attorney ensures that every piece of the deal is in place and in order. The role of the attorney depends on the complexity of the deal. In smaller transactions, an attorney may take a less involved role and may only review documents. In larger, more complex deals the attorney will negotiate substantively with the other side and will manage a multi-faceted closing.… Read the rest