As Co-Chair of the Real Property Committee of the Suffolk County Bar Association, I recently took part in the coordination of a five-part continuing legal education series that was designed to assist lawyers in representing clients in complex commercial transactions. The program was created and coordinated by the Co-Chairs of the Real Property Committee and the Transactional Law Committee. I, along with the Co-Chairs and members of both committees, presented this series over five weeks in March and April.
The fact pattern we utilized involved the sale of a mixed-use commercial building consisting of two residential apartments and a bar/restaurant. Both the building and the bar/restaurant were to be sold to one purchaser.
Issues such as advice regarding what due diligence a purchaser needs to perform before committing to the purchase, drafting, review, and negotiation of the Contract of Sale and Asset Purchase Agreement, title report review and clearance, and review of the commercial loan documents were covered. Ethical considerations were also discussed, such as whether an attorney who is representing a purchaser can also be a partner of that purchaser.
Our goal was to instruct both experienced and new attorneys to successfully navigate a complex commercial real estate transaction, thus benefiting their potential clients and minimizing the possibility of future litigation.
Editor’s note: As a result of her efforts as 2018-19 Co-Chair of the Real Property Committee, as well as her work on the commercial transaction seminars, Ms. Endres was presented with an Award of Recognition by Justin Block, President of the Suffolk County Bar Association, at the 2019 Annual Meeting.
