Why Due Diligence is So Important For Apartment Real Estate Investors
With Percy Nikora, Co-Founder
It's up to you to find that out during your due diligence because once you sign the contract, once you go through with the deal, there's really not much recourse with the seller. There aren't any consumer laws in place protecting you. It's a business-to-business transaction.
That's why you have to be super- it's super-important that you have a good attorney who understands all of the issues surrounding that property that you're purchasing. That could include land easements, any restrictions, any covenants; making sure the title is clear. Then, there's multiple attorneys that get involved in these large deals, as well. Typically, there's a attorney focusing on the real estate. There's sometimes another attorney working with the lender's attorney on setting up the terms for the loan. If you are doing a fund, or if you're syndicating the deal, there's an SEC attorney to make sure that you're complying with all the securities laws.
There's multiple teams of attorneys that work together on this on this deal, and our role as a sponsor is sort of to play the conductor, and the orchestra, and make sure that each of them are doing what they need to do at the right time, so this all comes together harmoniously to execute on that transaction.
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