Lease Landmines, Purchase Contract Pitfalls, Closing Nightmares and More
A lot can go wrong in commercial transactions. And when the stakes are high, even simple mistakes can become costly problems down the road. Do you know where the pitfalls are and how to navigate around them? From financing to leases to closings and more, our veteran faculty will reveal key landmines and provide practical tips for avoiding issues. Protect your clients and yourself - register today!
- Uncover lease clauses that can result in unanticipated costs, risk exposure and interpretation issues.
- Limit your client's exposure through advantageous representations and warranties.
- Avoid letting any title problems slip through the cracks.
- Spot loan documentation pitfalls that could spell trouble later on.
- Prevent last-minute closing nightmares with time-tested best practices.
- Explore legal ethics traps in commercial real estate practice.
All times are shown in Eastern
- Avoiding Costly Mistakes in Commercial Lease Negotiations
11:00 - 12:00, John T. Banjak
- Key Provisions Necessary in Nearly Every Lease
- Common Shortfalls/Traps in Boilerplate Leases
- Financial Terms (Rent, CAM/Insurance/Taxes, etc)
- Pre-Commencement Construction: Cost Allocate Landlord/Tenant & Control of Process
- Lease Commencement Date and Pre-Opening Delay Issues
- Indemnity and Insurance Provisions
- Future Growth - Rights of First Refusal on Additional Space
- Escape Clauses: Default, Sublease and Other Provisions
- Preventing Issues with Sound Purchase Agreement Drafting & Negotiation
12:15 - 1:15,
Angela L. Drumm
- Key Provisions Necessary in Nearly Every Purchase Contract
- Common Shortfalls/Traps in Boilerplate Contract Forms
- Proper Identification of Property Included - Real, Personal and Other
- Earnest Money as Liquidated Damages & Right to Refund for Non-Defaulting Purchaser
- Representations & Warranties - Ones Most Often Invoked and Litigated
- Due Diligence Deadlines Establish - Add Table of Relevant Dates as Contract Exhibit
- Commercial Title Insurance: Potential Problem or Shortfall Areas
1:15 - 2:15, John T. Banjak
- Title Examinations: Importance of Utilizing a Reputable Title Agency/Underwriter
- Often-Missed Title Issues in Examination Process
- Misreading Surveys: Not Catching all Easements or Encroachments
- Title Insurance Coverage: Obtaining Fullest Coverage Available Including "Extended Coverage"
- Important Policy Endorsements: Underwriting Issues & Anticipated Costs
- Financing Process Overview: Tips for Avoiding Issues That Cause Closing Delays
2:45 - 3:45,
Angela L. Drumm
- Establishing Who Are the Borrowers and Guarantors
- Loan Documentation Errors - Generally
- Borrowers Not Being Same as Deed of Trust/Mortgage Grantors - Identifying All Persons Who Must Sign the Security Document
- Borrowers Raising Objections/Concerns About Final Loan Terms at Closing Table
- Overview of "Hard Money Lending" - How it Works, Who is Doing It
- Typical Timeline & Series of Events on Actual Closing Date
3:45 - 4:45, John T. Banjak
- Confirming All Parties on Same Page as to Time and Place for Closing
- Documents Pre-Approved Prior to Closing Date is Key
- Purchaser Advised to Bring "Good Funds" to Closing
- Proper Disbursement of Proceeds Including Lien Payoffs and Seller Funds
- Wire Fraud Concerns - Generally
- Legal Ethics in Commercial Real Estate Practice
5:00 - 6:00, John T. Banjak
- State Bar Codes of Ethics - Similarities/Differences Between States
- Disclosure Requirements in Real Estate Transactions
- Multiple-Party Representation During Purchase/Sale Process
- Unauthorized Practice of Law Issues in Real Estate Matters
- Bar Claim Statistics Overview
This course is designed for attorneys. Real estate professionals, lenders and paralegals may also benefit from attending.