Columbia College Residential Leases Burden Discussion 5 & 6 Responses

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Columbia College


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Please reply to these two students post. I have attached the word document and have included the ORIGINAL POST along with the two student response that you will respond to. Thank you.

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Original Question: Discussion 5 Initial Post: After reviewing the case study and accompanying documentation about Mrs. Jefferson, identify what terms in the lease will be important to know. Identify the important differences you see in this commercial lease versus the terms you might typically see in a residential lease. Response: Respond to at least two classmates and help identify differences in residential and commercial leases. Also, mention any additional terms which may be important in the lease. 1st POST by Student Discussion 5: Drake Baker There are many important aspects apart of this discussion. One is knowing who is the ones in charge of the maintenance of the building, inside and out. This is for obvious reasons to know who is responsible. Another important term to know is the cost of the lease, and how long it will last overall. The last important aspect of the lease I recommend understanding is knowing that it requires permission from the landlord to make any changes to the property or to allow any liens. There are also a couple of differences between residential and commercial leases that are important to distinguish. One is the strength of legal protection between the two. The residential lease usually has more services for the directed tenant. This is including insurance, the maintenance and service of the property, and the dealing with new liens and additions. Another obvious difference is the length of the lease. My residential lease, like most others, are 11-12 months long. Mrs. Jefferson's lease says it is a 5 year lease. References: Jennings, M. M. (2016). Real Estate Law (11th Edition). Cengage Learning US. 2nd POST by Student Discussion 5 - Steeve Bruny After reviewing the case and the documentation about Mrs. Jefferson, it will be important to know the landlord's responsibilities, alterations, surrender of the premises, rights reserved to the landlord. It is essential to look deeper into these terms because Mrs. Jefferson seems unaware of her role as a landlord. Understanding these terms would allow the student to help Mrs. Jefferson to understand her role and responsibility as a landlord regardless of if she has a property manager taking care of the outside of the building. Ultimately, she is responsible. Manley emphasized real estate taxes and alterations as terms that differ significantly between commercial and residential leases (2014). For example, in the lease agreement, the tenant is responsible for paying personal "property taxes and special assessment taxes "caused by the improvement made to the structure. In residential leases, the landlord would still be responsible for all taxes related to the property. In this agreement, it seems that Mrs. Jefferson is partially responsible for real estate taxes, and the tenant also shares some of the responsibility. In addition, the lease agreement gives some limited alterations right to the tenants, and the alteration automatically becomes the landlord's property. Residential leases would not typically allow tenants to make improvements or alter the structure in any way. Reference Manley, M. (2014, August 1). Before you sign that lease... Harvard Business Review. Retrieved September 16, 2021, from less Original Question: Discussion 6 Initial Post: After reviewing the case study and accompanying documentation about Mrs. Jefferson, provide a list of possible scenarios of who the manager of the commercial property might work for. Research and discuss the legal impact of the building being part of a larger development and identify at least one positive and one negative impact (this information will be provided for her attorney for review). Response: Respond to at least two classmates and discuss what legal rights an owner’s association may have in this scenario. 1st POST by Student Discussion 6 - Steeve Bruny Based on the information provided by Mrs. Jefferson, it seems that the property manager works for larger development company that manages commercial properties in the area. The way Mrs. Jefferson described the property manager, she probably did not have a choice to work with him because she forgot about him. Moreover, she did not personally hire the property manager but remembered her account gets drafted to pay the property manager. Possible scenarios are that Mrs. Jefferson Commercial property falls under a group of properties managed by a property management company. It could also be that Mrs. Jefferson's property is part of a mall or group of commercial property in a general area. A positive impact of the building being part of a larger development would explain why Mrs. Jefferson knows so little about a property she owns. It is probably because the development management has been managing her property for her. Therefore, she has little to worry about. A negative impact of the building being part of larger development is that Mrs. Jefferson's ownership rights may be more limited than she realized because larger development tends to restrict certain rights. Apgar explains that real estate managers use these restrictions to reduce costs and use real estate as leverage (2014). For instance, Mrs. Jefferson could be restricted to using them as her management company as long as she owns the property. Reference Apgar, M. (2014, August 1). Managing real estate to build value. Harvard Business Review. Retrieved September 16, 2021, from less 2nd POST by Student Discussion 6 - Jessica LaPhilliph The property manager that Mrs. Jefferson is paying monthly dues towards could be apart of a cooperative where there is joint interest in care of the surrounding area, or an owners association which aligns multi unit interest in care of the properties. In either form the owners of the area have mutual interest in maintaining conditions surrounding the buildings they own. Having a cooperative of owners working financially together for maintenance provides an advantage to the entire area of owners. A benefit of owning a building in a larger development are the increased resources and funds to oversee, maintain and protect your property. Dependent on the property manager or management company they can offer services beyond just snow removal and upkeep, they can be a middle man third party as well. They can handle finding new tenants, repairs and maintenance, tenant conflict resolution and even the marketing of your property. Negative impacts of working with a larger development and utilizing its property management resource is that you become tied to the company they use. It can become limiting if you are not able to chose the company you would like to manage your property and are forced to use the one other owners choose to use. The fees associated could be greater than you may want to spend on your properties maintenance. Overall property management companies give you less control of your property, "which means you’ll have less direct influence over how it’s developed. This may be disadvantageous in some situations." ( References Jennings, M. M. (2016). Real Estate Law (11th Edition). Cengage Learning US. "The Benefits of Working with a Property Management Company." (2019, May 13) Retrieved from "The Pro's and Con's of Hiring a Property Manager." (2020, June 20). 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Discussion 5 Responses

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Discussion 5 Responses
Response to Drake Baker
The discussion argues about the paramount aspects of the lease that are important to
comprehend. It points out the maintenance responsibilities, the price tag, lease duration,
improvements, and liens. These are essential aspects in the lease that are crucial to note.
Additionally, the discussion has highlighted the differences between a residential lease and a
commercial lease. Baker argues that residential leases burden the tenant with more
responsibilities. However, Lloyd (2015) indicates that residential leases offer favorable terms
compared to commercial leases as the ...

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