The Commercial Observer online is site with a series of articles that bills itself as New York’s authority on commercial real estate stuff, and even though NYC’s real estate law is a little quirky and confusing, some good lessons appear there for every attorney to take home with them, even your average San Antonio real estate lawyer. One recent article, the 10 Commandments: Unbreakable Accounting Rules for Real Estate Pros is one such piece that’s a great reminder to professionals in the industry that “millions of dollars, square feet and jobs hang in the balance” when considering commercial real estate property and its accounting and legal practices, even if the article is a little irreverent.
Acknowledging that “likening fees on secondary homes, extra sales taxes and surcharges on foreigners who sell property to the 10 plagues would represent something of a hyperbole,” the writer of the article takes on in full force the metaphor of The Ten Commandments with language like “Review thy final documents” and “Thou shalt conduct business free of emotions.” But again, there are some good nuggets of truth for a San Antonio real estate lawyer like Micah F. McBride, presuming they’re not easily offended by the profane.
Admonishing real estate professionals to “review the effin documents,” and that “falling in love with a deal leads to heartbreak,” writer Tobias Salinger offers sage advice to real estate agents, accountants, buying and selling parties, and lawyers, too. Much of the tax advice he gives is applicable not only to New York but to the rest of the states as it involves the looming federal tax reform negotiations and their potential impact on buyers and sellers. Navigating international tax law, too, can be a strange and peril-fraught experience, too, potentially leaving “retailers alone in the wilderness,” so encouraging clients to double check with their accountants and San Antonio real estate lawyer before making purchases or trying to convert European value-added tax in income from international travelers supporting local businesses.
Federal aid for terrorism insurance may be more impactful in a location like New York City, but it applies to commercial retailers across the nation. Set to expire on December 31st, the lack of federal aid for the insurance would result in a “real slowdown in the economy, no question about it,” says one analyst who explains that the act provides extra protection to insurers after acts of terrorism. Texas isn’t immune to terrorist attacks, guys, even if we feel invulnerable behind our stocks of citizen-held fully automatic weapons.
Finally, though, Salinger advises his readers to do something every San Antonio real estate lawyer already knows: “Thou shalt document thine gut decisions.” Putting aside that the correct possessive form of the word in King James Bible language Salinger was going for should have been “thy” and not “thine,” we’ll reiterate that the sentiment he was trying to get across is important. “A lot of decisions in real estate involve a significant amount of judgment,” one commercial real estate director notes; judgment which should always, always be documented.