Leasing Nightmares: Buyer Beware

Note:  Blackacre LLP is a boutique fixed fee real estate law firm with a restaurant leasing specialty.  From its experience serving as counsel to numerous restaurant clients, Blackacre’s attorneys know that a good lease is crucial to a restaurant’s success, while a bad lease can doom an otherwise successful restaurant to failure.  In the coming articles, Blackacre’s attorneys will write on how to prevent a restaurant lease from becoming the next “Leasing Nightmare."

In the commercial real estate transactional world, the term “AS-IS WHERE-IS WITH ALL FAULTS” has become ubiquitous.  In the real estate purchase and sale context, nearly every purchase agreement contains a lengthy disclaimer (sometimes extending to a few pages in length) describing every possible diligence matter that could ever arise and repeatedly dismissing or waiving any liability in connection with such matters for the seller. The trend has been adopted by the counsel of nearly all sophisticated…