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Musings on commercial real estate transactions in Chicago and beyond
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Drafting contingencies
A lawyer on a listserv I subscribe to asked a good question today that I had to answer: what happens if a contract contingency is not met? The buyer is refusing to close and the seller wants to take ...
Changes and transitions
My partner resigned from our law firm Tuesday.It was the right thing for him to do and I am delighted for him, as he had an opportunity he simply could not pass up. Frank is a tremendous lawyer and...
Ever wonder about foreclosure auctions?
Here's a video on Business Week's website showing an actual auction on the steps of the San Diego County Courthouse, a place I once knew well.Yes, there are auctions once in a while for commercial pro...
Lateral support - not as uncommon an issue as you might think
I spoke with a friend of a friend yesterday about his house. His neighbor is doing a teardown and building what appears to be a McMansion, with the foundation being oh so close to the property line. ...
The audacity of excellence?
I got a kick out of this story on lawyer frustration and how to strive to be "above average." Apparently, lawyers are part of an "unintended byproduct of a profession that confines its lawyers to pri...
Another retail chain in trouble? A line on Steve & Barry's and some thoughts on defensive leasing
Boy, they weren't kidding about retail woes. Now I am reading that Steve & Barry's, a cheap chic chain, is talking to Weil Gotschal and thinking about closing 1/3 of its stores as it decides on...
I've heard about real estate developments being a bomb, but this is ridiculous
CNN is reporting about a subdivision in Orlando that apparently contains, oh, live bombs.Yes, you read that right.I don't know what the law is in Florida, but I can't see anything that would actually ...
Chicago legal industry thoughts
An interesting (possible) incongruity I am finding: Half of GCs surveyed are planning to do more work in house and cut back on law firm usage (one big reason -- the cost of hiring BigLaw firms to do ...
What the heck is a "small firm" anyway?
Super-blogger Susan Carter Liebel had a good post yesterday about solo practitioners and small law firms winning not on price but on value provided to their clients. She cites a story from The Comple...
Legal thought of the day: wear and tear
I cannot tell you how many times I have drafted a legal document involving real estate that says something to the effect that the property/premises will be returned or delivered in the same condition ...
This can't be right -- law school teaching you how to be a lawyer?
There's an old saying about law school that goes something like this: the first year they scare you to death, the second year they work you to death, and the third year they bore you to death.With all...
Advice to budding real estate lawyers
I received an email this weekend from a 1L asking for advice about law and real estate. I hope that person does not mind my sharing excerpts from that message with you.The work of the real estate law...
Talk about a test case!
I have to say one thing from the outset: having worked on exactly one Sharia-compliant real estate loan (almost ten years ago), I am by no means an expert on these type of deals. But they do fascinat...
Association to Shelbourne: take your Spire and shove it
And that's a pretty big shove. The neighboring HOA has sued Shelbourne Development, who is developing the Chicago Spire, to rescind its easement agreement allowing certain access to the property. The ...
Does size matter? Friday guest blogger: Frank Zaffere
I'd like to take a moment to introduce you to my partner, Frank Zaffere, who has graciously agreed to guest blog here from time to time. (In addition to being my partner, Frank's a great guy, even if...
More on the Guaranteed Recession Debacle
I'm going to blog about this proposed disaster until it is dead as a doornail. The Real Estate Roundtable is the latest group denouncing the proposed Temporary Tax Relief Act of 2007 (HR 3996), a/k/a...