Real Estate/Commercial Property lawyers advise on the construction, acquisition, sale, transfer and financing of tangible assets such as buildings, land, other infrastructure, ships and planes. In addition to drawing up the relevant contracts, Real Estate lawyers may also work on: planning permission applications; large regeneration projects; leasing or licensing arrangements (usually of business premises); and property-related disputes. Real Estate lawyers often support the Corporate department on elements of deals that involve property.
As part of the due diligence process, Real Estate lawyers may for instance have to ascertain: which assets are actually included in a deal; who owns the assets and whether the seller has the legal right to sell the assets; whether the assets are subject to a lease owned by a third party that will expire soon; whether the assets are subject to any undisclosed charges (for instance a mortgage) or interests (for instance a right of usage granted to a third party); whether the assets are in a satisfactory condition; and whether restrictions exist that, for instance, prohibit development upon any land involved.
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By Jake Schogger - City Career Series