Frank Jermusek discovered his interest in law while in college at The University of St. Thomas in St. Paul. While studying Business at St. Thomas, Frank Jermusek was at the same time working for the Minnesota Investment Firm, Baker Investments. While his main work consisted of managing investments of the company, Frank began working on complex commercial transactions.
About Frank Jermusek
The Jermusek Law Firm, LLC
After studying law at William Mitchell, Frank Jermusek was hired immediately to work as an attorney at Leonard, Street and Deinard. In 2006, he founded his own law firm, The Jermusek Law Firm, LLC, which is based out of Minnesota.
The company is focused on providing sophisticated, creative, and practical solutions for clients dealing with real estate, business, and lending matters. Frank Jermusek has mainly focused his legal practice on business, real estate, lending, and golf/hospitality matters.
SVN | Northco
Working closely with his other Business, SVN | Northco, a real estate and investment firm also operating in the Minnesota area and Twin Cities, Frank Jermusek’s law firm will help individuals and companies across the greater Midwest handle legal work and strategies for real estate transactions, business transactions, and litigation for both.
In terms of real estate, Frank Jermusek’s firm will provide a practical solution to legal matters in purchase & sales, development & construction, debt & equity finance, leasing & property management, loan workouts & restructuring, commercial lending, 1031 Exchange, and, another speciality, Golf Course & Hospitality. In business, his firm will handle the legal work for business formation, contracts, mergers & acquisitions, and corporate finance.
In his work as a legal consultant and attorney at law, Frank Jermusek hopes to provide his clients with planning and preparation that will maximize the profit for their business or institution, and deliver the best possible results for that individual company or service.
Connect with Frank Jermusek
Most assume that when talking about blockchain, it’s immediately followed up by a pitch about bitcoin, ethereum or another buzzworthy cryptocurrency. While yes, blockchain became a noteworthy word on the coattails of cryptocurrencies, the infrastructure has much wider applications than just digital currency.
When it comes to the fine print associated with real estate transactions, without a lawyer, clear understanding of the commercial sector, or an advisor, it can be difficult to cover all the gaps and ensure that all your bases are covered without investing a large portion of time and money. In today’s technological age, the current case by case nature of contracts can seem ineffective. Enter smart contracts, a blockchain-based logic system to expedite the process while maintaining the nuanced nature.
As Luke Feldman and Christian Harden explain, “Smart Contracts are computer programs that put the provisions of a contract in the form of code, and then distribute them across the blockchain ledger. These contracts use if-then statements to automate actions such as: if the tenant occupies the space, then the digital wallet will transfer rent from the tenant to the landlord on a certain date.” As obvious as this new approach seems, it has been a slower shift as new startups and companies adopt cryptocurrency methodology and apply it to real estate.
Paperwork, in general, seems to define the real estate sector. Along the same lines as smart contracts, digital titles could become a more effective approach to tracking a property and the associated information typically mentioned in a physical property title. The perk though is that it’s more readily accessible and largely tamper-proof. As described in the Wall Street Journal, “A blockchain-based digital identity of a property may include its history, location and title details. Usually, buyers and banks can potentially rely on this digital identity of the property for title assessment, as any change to existing data would have to occur through a consensus across several blockchain nodes.”
Property Search Engines
A lot of multiple listing services (MLSs) have become increasingly unreliable as properties remain listed after being sold or taken off the market. In addition, some listing services are limited to a select audience. Blockchain sets to change that by offering a more reliable and relevant property search engine system. As described in Deloitte’s Blockchain in Commercial Real Estate report, “A blockchain-based MLS would enable data to be distributed across a peer-to-peer network in a manner that allows brokers to have more control over their data, along with increased trust, as listings would be more freely accessible,” making it a win-win for both sellers, buyers and brokers alike.
While many can be skeptical of change and disruptions, especially technology related ones, we also need to recognize the potential benefits and exciting new opportunities these changes can provide.
Like the age-old saying, there’s no such thing as a stupid question so don’t be afraid to ask them. The more you know, the more likely you are to make a sound investment. If you find yourself asking what questions you should be asking, Kyle Pennell compiled a few questions to get you started like what kind of property and do you have a location in mind? You can find the full list here.
This is where commercial real estate professionals like myself and the staff at SVN Northco come in. Because the industry is so varied, you want to find a realtor or advisor that has experience with your type of property. One usually doesn’t assume that because someone can sell a house Minneapolis, they can sell a house in New York City or Dubai. They need to have an understanding of the industry, property type and location. Large real estate firms have diversified portfolios that often span the globe, and as a result, they have more experience with major transactions like selling a resort or even a private island.
As described by Inc., you don’t have to know everything. That’s why you seek help from others who make it their mission to know the ins and outs of the commercial real estate sector. “They can help you determine the right time to buy or sell, the right locations to consider, and the nuts and bolts of closing the deal.” Don’t be afraid to seek counsel from a lawyer, broker, accountant or all three.
Do Your Due Diligence
After you asked the questions and determined the property with help from your team of professionals, you now need to check the bones of the deal. Even if a property seems picture perfect, you want to ensure that it is a sound investment. If there are problems — you want to find them now rather than six months down the line when you already bought into the venture.
Once it passes inspections and your own personal expectations — it’s time to take the plunge.
Originally published at frankjermusek.wordpress.com on February 27, 2018.