First: I love Lawyers! My Real Estate office is inside of a Las Vegas Law Firm.
Second: One of the partners of this firm referred one of her clients to me to help them locate a suitable "new" Office location that they could purchase rather than lease.
Now this!
I wrote a purchase agreement for an REO property in the NW of the Las Vegas Valley. Since the Buyer is the lawyer's client, I had her negotiate the Purchase Agreement. She did keep me in the loop and to my surprise, the purchase agreement negotiations took 70 days!
Now, in defense of the Buyer's Lawyer, this length of negotiation put us behind the timeline for the client's lease termination date. From the beginning -- and the Buyer's Lawyer did a great job getting replies and responses back to the bank's lawyers -- the Bank's Lawyer's couldn't care less about the Buyer's need for speed. So, the Bank Lawyers' took their sweet time and did NOT work fast at all.
That leads me to this part of the timeline where the Buyer has to decide IF they will continue on with the transaction; OR, cancel the current escrow so they do NOT lose the Earnest Money Deposit of $10,000.00. And, that feasibility date is TODAY!
This AM, I get a call from the Buyer's Lawyer. She just found out that the Parcel Map needs more time to move forward. Apparently, the Title Commitment can NOT be issued without the Parcel Map, the SBA Loan can NOT be funded without the Parcel Map, and the Parcel Map can NOT be approved by the City of Las Vegas simply because the Ownership Entity on the Purchase Agreement is NOT correct! What?
That's right. When I first submitted our Purchase Agreement to the Seller, I put the ownership entity name that is recorded with Clark County. When they countered and we began going back and forth, the Buyer's lawyer and I assumed the Seller knew the correct name that they hold title to for the land.
Well, since the ownership name recorded with Clark County is different than the name the Seller put on the Purchase Agreement, technically we do NOT have an executed agreement to buy this particular parcel of land.
Unbelievable! The Seller Bank doesn't even know the ownership name of the only property they have here in Las Vegas, NV.
So, now, we have to spend the majority of today getting this figured out. And when working with a large bank who's lawyers truly don't care, it is problematic.
I will follow up with an update as soon as I find out how this is resolved.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: david@davidhowes.net OR 702-501-9388!
Second: One of the partners of this firm referred one of her clients to me to help them locate a suitable "new" Office location that they could purchase rather than lease.
Now this!
I wrote a purchase agreement for an REO property in the NW of the Las Vegas Valley. Since the Buyer is the lawyer's client, I had her negotiate the Purchase Agreement. She did keep me in the loop and to my surprise, the purchase agreement negotiations took 70 days!
Now, in defense of the Buyer's Lawyer, this length of negotiation put us behind the timeline for the client's lease termination date. From the beginning -- and the Buyer's Lawyer did a great job getting replies and responses back to the bank's lawyers -- the Bank's Lawyer's couldn't care less about the Buyer's need for speed. So, the Bank Lawyers' took their sweet time and did NOT work fast at all.
That leads me to this part of the timeline where the Buyer has to decide IF they will continue on with the transaction; OR, cancel the current escrow so they do NOT lose the Earnest Money Deposit of $10,000.00. And, that feasibility date is TODAY!
This AM, I get a call from the Buyer's Lawyer. She just found out that the Parcel Map needs more time to move forward. Apparently, the Title Commitment can NOT be issued without the Parcel Map, the SBA Loan can NOT be funded without the Parcel Map, and the Parcel Map can NOT be approved by the City of Las Vegas simply because the Ownership Entity on the Purchase Agreement is NOT correct! What?
That's right. When I first submitted our Purchase Agreement to the Seller, I put the ownership entity name that is recorded with Clark County. When they countered and we began going back and forth, the Buyer's lawyer and I assumed the Seller knew the correct name that they hold title to for the land.
Well, since the ownership name recorded with Clark County is different than the name the Seller put on the Purchase Agreement, technically we do NOT have an executed agreement to buy this particular parcel of land.
Unbelievable! The Seller Bank doesn't even know the ownership name of the only property they have here in Las Vegas, NV.
So, now, we have to spend the majority of today getting this figured out. And when working with a large bank who's lawyers truly don't care, it is problematic.
I will follow up with an update as soon as I find out how this is resolved.
For more Information about any Las Vegas Commercial Investment Real Estate Property, contact David Howes at: david@davidhowes.net OR 702-501-9388!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.