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Course Number: 903A, ULSR

Course Credits: 3

In this seminar students will learn the basic skills necessary for the representation of a client in a complex, commercial real estate project by studying an actual “specialty” shopping center in suburban Chicago and New York variations of law and custom. We will review the developer’s analysis of a proposed project. We will study basic tax considerations and the choice of legal entity (limited liability company, corporation, partnership) through which a project can be developed and owned. We will work on a purchase and sale contract, title issues, land use and environmental matters, mortgage financing, the construction process, and retail space leasing. We will emphasize preparation, and simulated negotiation, of deal documents. As we work on documents and other matters, we also will consider the management of client relationships (understanding the client’s needs and wishes, client communications) and relationship among the attorneys for the different clients working on real estate projects. Students will be evaluated on preparation for, and participation in, class and a variety of written assignments. The course will satisfy the upper level skills requirement. Enrollment is limited to eight to ten students. Students may not take both this course and Commercial Real Estate Transactions.

Prerequisite: Real Estate Transactions and Finance.