This practical introduction to transactional real estate law provides a bridge between theory and the reality of practice. It helps lawyers with less experience navigate through the maze of steps involved in a real estate transaction. At the same time it serves as a valuable reference for more seasoned attorneys as well as those whose practice is concentrated in other areas of the law. The text of the first edition has been expanded and fully updated, while retaining the readable style and the use of practice comments, techniques, cautions, and checklists that readers find especially helpful.
Written by a law professor and two real estate practitioners, A Practical Guide to Commercial Real Estate Transactions offers a useful combination of text overview and practice pointers. Describing the day-to-day tasks that commercial real estate lawyers are likely to face, the authors follow all of the steps of a transaction in the order in which they generally arise. Several new form documents have been added to this updated edition, including a new contract of sale, a new mortgage, and a fully revamped due diligence and closing checklist. In addition, numerous text sections have been revised or added to address recent changes in law and practice, including the USA Patriot Act and anti-money laundering laws; the subprime mortgage crisis; terrorism and hurricane insurance; the increased use of yield maintenance and defeasance clauses; and others.
Because much of the real estate lawyer's practice revolves around transactional documents, the book emphasizes the drafting, negotiation, and revision needed to get a deal closed. Starting with the contract of sale, the authors discuss both post-contractual and post-loan commitment due diligence and examine issues involving title, the survey, and the loan commitment. They provide detailed discussion of all documents needed for the closing, advice on how to prepare for and properly run the closing, and a discussion of post-closing matters. The guide also contains practical advice on how lawyers help their clients learn important information about the property and then properly allocate risk, and it illustrates the types of problems that can arise with a property and explains how typical situations can be resolved.
The revised Practical Guide to Commercial Real Estate Transactions incorporates numerous comments and suggestions from readers of the first edition. As before, it features a useful selection of forms along with practice pointers, comments, cautions and suggested techniques, as well as a detailed table of contents that can also function as a checklist of issues involved in the transaction. An included CD-ROM contains all forms and appendices.
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