Intensive Commercial Real Estate Workshop

Credits: 1.00

Real estate acquisitions are one of the most common transactions handled by commercial lawyers in New York. There is a flow to a well-orchestrated transaction from start through closing that involves a multitude of documents and players. The goal of this course is to take the student through a typical commercial real estate transaction involving the acquisition, financing and leasing of a commercial office building to illustrate both the process and the pitfalls. The course will be a practical exercise utilizing actual documents, including a letter of intent, purchase contract, loan term sheet, mortgage and mortgage note, lease term sheet and commercial lease as well as a survey and title insurance policy, to illustrate not only how the documents generally are used but also issues which may be encountered. Role playing will be a significant portion of classroom dialogue with students assuming many of the usual roles of junior associates. Effective negotiation requires each party to both understand and try to achieve the goals of one's adversary without adversely affecting the achievement of the goals of one's own client. The course will attempt to demonstrate how understanding one's adversary's needs can often lead to a more thoughtful and productive result. Students will be asked to recognize and develop solutions to problems that typically arise and will be asked to draft substantive provisions of several of the documents with the goal of translating the intent of the business persons into contract provisions. Throughout the course, students will be asked to deal with and distinguish business issues from legal issues. Finally, students will gain an awareness of what happens when things go wrong including an examination of rights and remedies when one party does not live up to its obligations including foreclosure and workouts. Course Materials: The course will require students to read and review prototype commercial real estate documents but will not focus upon cases or particular statutes.

Grading and Method of Evaluation:

Letter grade with pass/fail option. Final exam and classroom participation.