Real Estate Legal Services
Commercial Real Estate
One of the greatest strengths of our firm lies in real estate law. Our real estate team has the expertise to offer guidance, practical assistance and to help secure the deal. We assist companies that are involved in purchasing, selling or financing commercial and development properties or leasing commercial premises, or if your real estate relationship is the subject of dispute.
We represent many developers, investors, and builders who have been active in the real estate industries acrossCanada. Lawyers in this group regularly handle matters involved with preparing for and the development of subdivisions, variance and other land use matters, as well as large and complex real estate developments, acquisitions and financing.
Properties we handle include: Shopping Centres (Malls), Apartment Buildings,OfficeTowers, Hotels, Resorts and recreational properties.
GSNH has a particular expertise in the legalities of condominium development and we find creative solutions to the complex issues associated with condominium development. Our legal expertise is from initial conception to completion, whether it be a modest townhouse project or a multi-phase, high-rise building. Well-seasoned, we are equipped to handle individual and high volume transactions in an efficient and cost-effective manner.
Our services also extend to the condominium corporation itself, from property management issues, liens for common expenses, interpretation and negotiation of contracts, to advising on a myriad of other issues in the condominium context. All in all, we have found that careful planning, and effective and immediate communication with our clients have proven to be the key to our success in the condominium area.
Financing is a vital component of the service that we provide to our commercial real estate clients. Our financing law group is instrumental in developing the financing strategy and requisites, both from the developer/owner perspective as well as from the lender perspective.
We are an approved law firm for a number of major financial institutions and private lenders, and have been involved in a wide variety of transactions, ranging from small mortgages to large and sophisticated commercial mortgage loans, project financing from acquisition of the land through development to take-out mortgaging.
Commercial Mortgage Backed Security (CMBS)
Did you know that in order to complete the sale of a commercial piece of real estate with a CMBS mortgage, you will require unique provisions in your agreement of purchase and sale?
CMBS or commercial mortgage-backed securities are making a comeback and a majority of commercial real estate transactions in North America have been financed with this type of loan.
In a sale where the purchaser is not assuming the mortgage, the vendor will be required to remove CMBS from title. This process is called Defeasance and you will need to dedicate a well-crafted provision in your agreement of purchase and sale to properly set out the procedure. You will find that not only is the defeasance very costly, it requires 3 days to complete and the vendor and its lender will need to participate in this protracted closing process. Avoid a troubled closing by dealing with the process in the PSA and be prepared. We at GSNH have been involved with scores of such transactions and have assisted other lawyers avoid a troubled closing.
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