Blog: Real Estate Legal Updates

Spring is here! We finally have warmer weather, longer days, and the prospect of weekend plans not getting ruined by rain. If you’re anything like me, you were ready for the turn of the season after a very wet winter. What I wasn’t ready for was the inevitable assault on my senses, as pollen has suddenly filled the air and unleashed its annual crusade to dampen the optimism of spring. If I had remembered to start my Flonase and Claritin regime earlier, perhaps I wouldn’t be flying through tissue boxes as I sneeze and cough my way through the day.

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With the turn of the year comes ill-fated resolutions, needed but annoying rain, and a slew of new legislative enactments coming into effect. While commercial real estate is not typically a hotbed for legislative activity, there are a few noteworthy changes that may affect prospective projects, mostly focused on relaxing procedural requirements to incentivize the construction of new housing projects to combat the state’s ongoing housing crisis.

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As a transactional lawyer, I’ve always found a special delight when the occasion arises to use one of my favorite sayings: “The pen is mightier than the sword.”  It provides a certain level of self-importance that transactional attorneys enjoy in relatively few circumstances. But in today’s electronic world, where ballpoint pens may soon join VHS tapes and 8-tracks in the trash can, we’ve had to reassess whether that saying still holds water. If no one handwrites agreements, or almost anything for that matter, where does the power go that was otherwise held by the prestigious pen?  Or (perhaps) more importantly, how can parties execute transaction documents without having to resort to printing and physically signing their documents, and can this be done electronically?

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In protracted contract negotiations, many clients become dismayed when a deal they thought had been agreed in a letter of intent is suddenly the subject of contentious exchanges between the parties and their counsel. The clients may be comfortable with the purchase price or due diligence timelines, but many clients have never considered, let alone negotiated, the various other critical terms in a purchase contract.  These terms are often as, if not more, important, as they will define the scope of the parties’ rights relating to the transaction and exposure for lawsuits after closing. This article is designed to give a primer on the basics of these concepts so that parties may be better prepared when negotiating their purchase contracts at the letter of intent stage.

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“Let’s leave that to the lawyers.”  It’s a familiar refrain that I hear often as contract negotiations drag on between parties.  After the primary deal points in a contract have been agreed upon, many clients believe that the remaining terms can be easily resolved without their involvement.  Unfortunately, this is rarely the case, as what some clients perceive to be boilerplate or “standard” could become critically important if a dispute arises relating to the transaction.

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After surviving holiday family dinners, a few-too-many champagne toasts, and a record-breaking snowstorm, this team is ready to turn its sights to a new year and the exciting projects that are in store.  To kick off our 2022 newsletter season (and hopefully in better fashion than the Sacramento Kings), we thought it would be helpful to summarize a few of California’s noteworthy new-for-2022 laws.[1] There aren’t any earth-shattering changes that will require substantial deviation to standard operating procedures, but some represent new requirements that will need to be considered in upcoming projects.

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Despite a global pandemic and a bingo-card full of natural disasters and calamities, the commercial real estate market has been extremely active over the past two years. While there are some signs that activity will be less frenetic in the upcoming year, most commentators project continued growth, development and overall volume. Many of our clients are already eyeing next year’s targets, beginning the negotiation process with the hopes of getting these deals under contract in the first quarter of 2021. Given these efforts, we thought it might be helpful to offer a friendly reminder regarding the importance and dangers of letters of intent. 

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Fires have played a major role in the history of California. Not only have these disasters repeatedly left a trail of devastation through the State’s forests and other natural areas, but recent fires have been noteworthy in their damage to developed areas such as Paradise and South Lake Tahoe. The impacts will be felt for years, as families struggle to rebuild their homes and charred trees litter freeways and hiking trails. These effects are a good reminder to make disaster plans, including identifying key heirlooms and records and reviewing insurance policies for adequacy and comprehensiveness.

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