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Purchasing and Selling Real Estate: State and Local Government Toolkit
Practical Law Toolkit w-001-0404 (Approx. 8 pages)
Purchasing and Selling Real Estate: State and Local Government Toolkit
by Practical Law Government Practice
| Maintained • USA (National/Federal) |
Resources to assist state and local government attorneys in understanding, negotiating, and closing a real estate purchase and sale transaction. This Toolkit also contains many ancillary agreements related to a real estate purchase and sale transaction.
Real estate transactions involving a government buyer or seller are often complex, lengthy processes with many different components. Although every transaction has its own set of nuances, most governmental real estate purchase and sale transactions follow the same work flow. The general steps include:
- Drafting and negotiating the letter of intent (LOI).
- Drafting and negotiating the purchase and sale agreement.
- Conducting or managing the due diligence investigation.
- Satisfying pre-closing conditions and preparing for closing.
- Closing title.
- Resolving post-closing items.
When applying the resources in this Toolkit, government attorneys need to be aware of options to acquire property by eminent domain, and to otherwise ensure that:
- The government entity has the express or implied authority to enter into the real estate purchase agreement.
- The signatory has the power to bind the government.
- All procedural posting and notice requirements have been met.
- The agreement does not expressly or inadvertently waive any entitlement to sovereign immunity.
- The government is not obligated to improperly indemnify third parties.
- The terms do not unlawfully delegate or limit the legislative power of the government entity.
- The government meets all procurement requirements.
- The obligations in the agreement do not exceed any budget authority limitations.
This Toolkit contains continuously maintained practice notes, standard documents, standard clauses and checklists to help counsel for state and local government entities manage the transaction from the preliminary planning stage through the closing of the transaction.
State-Specific Materials
The following State Q&A guides and comparison tools discuss jurisdiction-specific issues that should be considered when purchasing and selling real estate: