The Importance of Due Diligence in Real Estate Matters
Environmental attorney Greggory Brandt and real estate attorney Howard Lind presented this in house seminar to real estate brokers on November 19, 2008. It was held in the firm's David I. Wendel Conference Center.
Today's challenging market conditions require brokers, developers and other real estate professionals to understand the benefits and risks of each transaction. Regardless of the market, one key to a successful real estate project is performing appropriate, effective due diligence, to minimize uncertainty and resulting risk.
- Do applicable Covenants, Conditions & Restrictions (CC&Rs) prohibit certain uses of the property that could impact the buyer's or tenant's operations?
- Will zoning, parking or permit requirements impose unworkable restrictions on the project or present material uncertainties?
- Could construction be delayed because of the presence of environmental contamination and will unexpected environmental remediation be required?
Knowing what to look for up-front could save money, time and your reputation.
Gregg and Howard drew on their experience in dealing with real estate transactions and include real-life examples of the expected and sometimes unexpected issues that can make or break a deal. The 90 minute seminar provided a detailed review of:
- Title matters and title insurance
- REAs, CC&Rs and other recorded documents
- Neighboring owner or tenant approvals
- Survey-related matters
- Conditional Use Permits, zoning and parking
- Environmental conditions
- Environmental laws and agencies
- Construction due diligence