Everything But Legal Advice

Meetup Recap
February 7th, 2023

Insights From Real Estate Attorneys

Navigating legal issues in real estate can be daunting, especially when tackling it solo. Fortunately, the 12th AVLMeetup had the privilege of hosting three highly accomplished real estate attorneys as speakers. They provided valuable insights into real estate law and offered tips on effectively handling legal matters during real estate negotiations.

Brittany Long's real estate career began when she was still an unemployed recent law school graduate. Thanks to Stephen Barnwell, she secured a job as a real estate lawyer and eventually created the firm Barnwell & Long. Greg's entry into the field came from his interest in following his father's footsteps in investing in real estate. Now he is a shareholder for Marshall, Roth, & Gregory. Prior to 9/11, Jason Peltz had been contemplating a career in trademark law. However, due to the events of 9/11, he shifted his focus to real estate law. Fortunately, Worley & Peltz were able to recruit this skilled attorney.

Clarity is Confidence for Real Estate

Real estate attorneys Jason, Brittany, and Greg shared the stories of their longest transactions and the most intriguing negotiations. Unsurprisingly, title actions can prolong a deal for two or three years. Moreover, the attorneys revealed some fascinating incidents that took place during negotiations. For example, one negotiation involved a pet being given away to potential buyers who promptly decided to adopt it. Additionally, it is usually small details that ultimately cause delays at closing. Consequently, brokers should take care of them beforehand to prevent any problems that may lead to deals falling apart.

Clear and unambiguous language in contracts is crucial to avoid loopholes and ensure mutual understanding. Seeking legal advice is also essential when making changes to ensure the contract is legally binding and free of discrepancies. All three panelists emphasized the importance of these steps to protect both parties involved.

It Depends...

Brittany, Greg, and Jason discussed their preferences regarding double closes and separate buyer-seller settlements. While Greg and Jason chose to abstain from double closes, Brittany mentioned that she is open to them so long as the first close is adequately funded. Furthermore, the real estate lawyers discussed whether a combined or separate settlement should be utilized - with a consensus that either option is viable. As for Greg, he prefers doing individual settlements as they preserve the privacy of both the buyer and seller.

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