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Attorney Transaction Killers Series - Rule #3 for Attorney Review of Real Estate Transactions - Pick Your Battles Carefully - There is No Such Thing as a Risk Free Transaction
Rule #3 for Attorney Review of Real Estate Transactions
Pick Your Battles Carefully
Don't Sweat the Truly Small Stuff or Try to Draft a Risk-Free Transaction
As an attorney and a real estate broker, I understand the need for attorney review of some (not all) real estate transactions to protect the interests of the tenant or purchaser. However, this "How the Attorney Killed my Real Estate Deal" series will focus on how inexperienced attorneys can inadvertently kill a deal or transaction through overzealous negotiation, risk-proof contract drafting, and plain ineptitude. For the "How the Attorney Killed my Real Estate Deal" series, you may have to read each installment sequentially as facts or circumstances are not fully repeated or explained in each part of the series.
Transaction Killer Factual Scenario:
In prior installments, I discussed a real estate transaction where there was an extended delay in the preparation of a Lease and Lease Addendum. When it was finally received, there were 27 proposed revisions to the Lease and 12 proposed revisions to the Lease Purchase Addendum. While a few of the changes were substantive, most of the changes were frankly trivial or involved risks to the purchaser-tenant that were so remote ... more
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