In a Law360.com article published on December 17th titled “4 Common Errors in Year-End Race to Seal Real Estate Deals,” Simon Adams of the San Francisco office of Reed Smith offered his thoughts on the risks that appear when speed becomes a requirement of year end deals.
Andrew McIntyre of Law360 identifies the following common errors:
Punting Issues to 2016
Forgetting to Plan for Signings
Simon advises to “not assume your client representatives will be readily available and in an office the day prior to closing when last minute documentation may be signed.” He uses an example where he “has a transaction where a party is due to travel overseas, and so we likely will have the partner take a limited power of attorney.”
Other problems with year end deals include:
Bypassing Bad Boy Carveouts
Privacy is Paramount
The full text of the article can be found here.