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In the Spotlight: Be the Quarterback
Most real estate transactions involve not only a lease or purchase of property, but construction and/or development of the property as well. Transactions commonly require the participation of several people, forming a team of experts, to bring the transaction successfully from concept to fruition. Team members may include the real estate broker (or in-house real estate manager), construction manager, architect, site development manager, civil engineer, surveyor, land use/entitlement attorney, environmental attorney, title company, and real estate attorney, as well as paralegals. The entire team needs a central point for the coordination and dissemination of information coming from each team member's particular area of expertise. The large majority of such information will make its way into the contract being drafted and negotiated by the real estate attorney and necessitates that the real estate attorney take the lead (i.e., be the quarterback) to coordinate, gather, and disseminate information from and to the team members.
A typical real estate contract (whether it is a lease transaction or a purchase and sale transaction) contains the financial/business clauses of the deal; project and closing dates; due diligence conditions; entitlement and zoning conditions; environmental contingencies; construction responsibilities and time frames; escrows; construction hold backs; letter of credit requirements for construction of municipal improvements, such as sewer, water, drainage, and public road improvements; construction specifications; concept plans; building plans or the method of creation and approval of same; site plans with building areas; parking counts; construction reimbursables; division of responsibilities for government approvals; construction items; creation of plans; etc. All of the items listed above, plus many more, should be considered, evaluated, and resolved in order to finalize a real estate contract. If timing does not allow the resolution of all items prior to executing the contract (which is often the case), the contract must contain a method for resolving the items as they come up in the due diligence/development process.
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