Sunday, November 15, 2015
The typical acquisition is a fairly short process, where normally the parties involved walk away after closing. But sometimes the effects of an acquisition stay longer and linger on the buyer. After a deal has been made, the buyer owns the property and has to live with its flaws, while the seller can have some exposure to liability for non-disclosure, environmental contamination, etc. Satisfying the parties’ reasonable expectations in these areas is a major part of the negotiation that purchase agreements include. During the past couple of years, the general outlook on real estate acquisitions has shifted from the traditional point of view. Due to that, more and more often, we see potential buyers seeking guidance from real estate experts. Adam Hochfelder currently serves as the Consultant of Real Estate Acquisitions & Development at Merchants Hospitality, but prior to that he was one of America’s most famous real estate executives. Now he uses his industry knowledge and experience to guide clients through the acquisition process of real property, in every phase of the cycle.
Property Acquisition often involves a review of surveys and title reports, as well as documents recorded against title. Title and survey issues can sometimes be extremely complicated, and thus require an incredible attention to details, in order to assess the real-world impact of apparent title flaws. Adam Hochfelder provides services where additional value can be created by acquiring, developing and repositioning facilities in various markets.
If property is to be developed in conjunction with other parcels, then a Reciprocal Easement Agreement is usually required. This introduces the necessary access, parking, utility and other easements, and often can establish maintenance and payment obligations. Reviewing these agreements requires careful thinking and consultation with an attorney, to minimize the potential for. Once you see a property owner put a fence in the middle of a mall parking lot, you will realize that the concern is beyond simply theoretical.
Being a part of the real estate industry for such a long time, Adam Hochfelder has purchased land and developed many projects on his own and understands what it is like to work in the development trenches.