Commercial Real Estate Investment/cpi
Advertisement
Question
I own a property which has been leased for about 10 years with a lease that calls for an adjustment in rent based on the CPI. I have never requested the tenant to pay this.The lease has been terminated by mutual consent. Can I recover any of the CPI increase retroactively? Iam holding a $510 rental deposit. Thank you for your assistance.
Ed,
Landlord/Tenant law varies widely accordingly to the jurisdiction on whether you are entitled to collect this
belated escalation assessment. You will have to check with an attorney familiar with your local law as to if you will be successful attempting to collect the back charge.
I have seen judges go adamantly in both ways on this question.
Ask an attorney specializing in landlord/Tenant law(commonly called "L&T" law), attorneys that don't specialize in L&T law may not know the correct answer - I have also seen many contracts or criminal law attorneys apply what they believe would be the case and be wrong.
Good luck,
-Jim
- Add to this Answer
- Ask a Question
| Rating(1-10) | Knowledgeability = 1 | Clarity of Response = 1 | Politeness = 10 |
| Comment | answer of no help to me | ||
Related Articles
Answers by Expert:
Jim Avancena, CPM
Expertise
Best qualified to answer questions that involve commercial leases, that is, basic issues as well as the often unexpected effects of the complexities and inter-relationships of the provisions a lease may contain, explain how seemingly innocuous text in your lease can have a major impact on a Tenant or Landlord and their business operations, and the common practices utilized in the industry. I can untangle most matters that may come up from the time a tenant begins searching for a office or store space and the lease acquisition process, concerns related to remodeling/improving the leased premises, moving-in, subletting or assigning the leased space, and a long list of problems that may come up during the lease term and even after a tenant moves out. I have practical experience with most property management issues and resolving landlord and tenant disputes - especially those involving what may appear to be overcharges assessed for additional lease charges like CAM costs, operating expense reimbursement, real estate taxes, utilities, construction improvements etc. Note that I am not an attorney and cannot provide legal advice.
Experience
Thirty years active experience in the commercial real estate industry as a licensed real estate broker in the Washington DC Metro area (DC, Northern Virginia & Maryland). I have been admitted (approved) by the Maryland and DC courts to testify as an expert witness on the subjects of Commercial Leasing and Property Management in the area of standard industry practices. I have had a business for the last 14 years advising virtually every form of business entity from large national corporations to the smallest ma & pa new businesses regarding a wide range of commercial real estate matters in addition to property management and commercial leasing.
Organizations
Currently my three children keep me so busy that it is difficult to participate in organizations with continuing and specific time requirements.
Publications
I publish a local commercial real estate newsletter titled: "Tenants First". My firm was the subject of a high profile Washington Post business section cover page (2.25 full pages) feature story on January 13, 1993; titled "Overcharging Overhead".
Education/Credentials
BA in Political Science from Memphis University, and five years of study in the real estate development summer program at MIT. I was certified as a commercial property manager (CPM-IREM), and currently hold a brokers license in Maryland and the District of Columbia.
Awards and Honors
The same plaques and honors that most others in my industry have earned. I have none that I consider especially meaningful.
Past/Present Clients
Past clients include: The World Bank, George Washington University, National Association of Criminal Defense Attorneys, US Department of Commerce, The American Benefits Council, K-Mart Development, many law firms, a national union, other major organizations, and many, many small business firms and retail operators that I am most honored to serve. I estimate more than 1,500 firms/organizations.
©2012 About.com, a part of The New York Times Company. All rights reserved.