Responding to COVID-19 Webinar Series - Part V: Strategies for Landlords and Tenants
The shuttering of businesses due to the current health crisis has resulted in widespread requests for rent relief from tenants to their landlords. Landlords, however, need an uninterrupted rent stream for debt service and such property expenses as real estate taxes, insurance, maintenance and repairs. Given the likelihood that foreclosures and evictions will continue to be stayed by courts, legislatures and governors for the duration of this crisis, all parties must work together to develop practical solutions.
In this webinar, Real Estate Attorney Geoffrey F. Fay and Bankruptcy Attorney Jonathan A. Kaplan prepared landlords, tenants and bank lenders for some of the key challenges they face during this time, as well as how to begin planning for the future. Topics included:
- Why negotiation is likely the best option to resolve issues of leases under stress
- How both landlords and tenants should prepare for negotiation
- Dos and don’ts of negotiation strategies
- The impact of COVID-19 on commercial evictions and the state court system
- The bankruptcy process for both commercial landlords and tenants
- How landlords can prepare for tenants’ bankruptcy filings
Attorney Laura Bellotti Cardillo of the firm’s Property Tax and Valuation practice then reviewed some of the recent executive orders and legislative developments that seek to offer some property tax relief, including:
- Connecticut EO 7S requiring Connecticut municipalities to adopt either or both the “Deferment Program” or the “Low Interest Rate Program”
- Connecticut EO 7I and its provisions regarding property assessment and taxation matters
- Massachusetts House Bill No. 4598, which includes the option for municipalities to extend the Fiscal Year 2020 real and personal property tax due dates
To view a recording of the webinar, click here.
We invite you to visit Pullman & Comley’s FOCUS: Responding to COVID-19 for a continuously updated resource of Pullman & Comley advisories on responding to the COVID-19 pandemic, including recordings of prior webinars in this series.