PROPERTY LAW + CONTRACTS
Considering the enormously high level of interaction between developers and real estate related matters, it is exceptionally important for developers to fully understand all aspects of property law and the contracts associated with their field. Knowledge in this area helps developers, investors, and other parties understand their roles in the business aspect of a deal. It also aids in smooth property transferral and helps in the understanding of all legal ramifications of all sectors involved.
In LDEV 687 (Development Feasibility and Design), a large portion of the legal aspects of a development project were covered with students reviewing many different types of reports and contracts that are common in projects of this caliber. In this course, students were tasked with reviewing and analyzing a proposed development in Bradenton, Florida in order to help potential investors with the decision of moving forward with the project. The project covered a wide range of documentation that is typically associated with developments and was separated into four main categories including: environmental, physical, locational, and lastly, legal and regulatory, which comprised a large portion of the literature produced for the analysis. After reviewing all this material, students were asked to create a memorandum for the investment team to help them understand the different aspects of the project. With knowledge gained from the course about the legal and regulatory aspects specifically, the team decided that it was best for the investors to terminate the deal and seek other options. Since the property was missing a large amount of necessary documentation such as the title commitment, geotechnical report, second-phase environmental study, and survey to name a few, we felt as though it was not a good opportunity for the investors. The full memorandum with analysis of all major categories and documentation is attached below. (See File 1)
Continuing in the study of the topic, FINC 676 (Commercial Real Estate Law), was specifically geared toward teaching a more in-depth approach on all the legal documentation that could be associated with development associated transactions. A major project within the course was for students to analyze a lease agreement and provide feedback on the condition and soundness of the lease and offer any recommendations, if any, regarding changes that should be made if or when the property ownership. The team analyzed the provided lease, breaking down each section to present it in a manner that was more easily understood, and finally provided the consensus on the condition of the lease. The full report is attached below. (See File 2)