REDEVELOPMENT
Successfully redeveloping commercial real estate depends on managing unexpected but inevitable surprises. Surprises cost money, delay closings, limit your use the property, threaten the project’s pro-forma and viability. Attorneys have various tools to help their clients manage surprises. Below is a summary of some I use to help my clients.
PURCHASE AGREEMENTS
Small Batch Law will prepare your purchase agreement.
Planning for the unexpected starts with your purchase agreement. Developers often enter into purchase agreements based on numerous educated, but unverified, assumptions. These assumptions can be tested during a due diligence process prior to closing. When this process reveals an assumption was wrong, the developer faces a difficult situation. Well-drafted due diligence and contingency terms give the developer options, including the ability to terminate the agreement.
DUE DILIGENCE
Small Batch Law will advise you on due diligence.
When critical information emerges after signing a purchase agreement or closing, it can be costly. Developers can manage this cost through effective due diligence. Effective due diligence starts before the purchase agreement is prepared and depends on identifying the key assumptions supporting the project’s success. Once identified, appropriate contract terms can be prepared and incorporated into the purchase agreement to protect the developer from unexpected costs.
TITLE ISSUES
Small Batch Law will help you understand and resolve title issues.
Title issues can limit a developer’s use of a property. Consequently, understanding and resolving them is necessary to protect a project’s viability. Title companies and surveyors are key partners in identifying potential issues, but often rely on others to determine if they create project impediments. Resolving title issues after closing may not be possible and is typically more expensive. Therefore, developers should promptly identify and evaluate title issues to determine if and how they can be resolved before closing.
DESIGN & CONSTRUCTION
Small Batch Law will prepare your design and construction contracts.
The redevelopment of commercial real estate invariably requires substantial renovation work. The cost of this work along with potential budget overruns sometimes caused by design and construction defects pose major financial risks. Contract terms play a pivotal role in determining how such problems are resolved and who pays. Developers can effectively manage these risks through well-draft contracts that allocate risk away from the developer and require such allocation to be backed by insurance.
CONTACT US
Small Batch Law, LLC PO Box 620377, Middleton, WI 53562 608.575.9930 •
Hours: 9a-4p Monday-Thursday; 9a-Noon Friday
GETTING STARTED
When you contact Small Batch Law, I will need your name, contact info and business name, the names of other owners in your business, the identities of other parties involved, a brief description of your project and any deadlines. This information will help me determine if I can assist you. You should avoid sending me any private, sensitive or confidential information because our initial exchange does not create an attorney-client relationship between us. If I can assist, I will send you an engagement letter describing what services I will provide and the associated fee. Our work together after this point will be as attorney and client.