Media Coverage
Source: Law360
Media Coverage
10.08.13
In the post-recession economy, quick closings in commercial real estate deals are becoming increasingly important. A scarcity of available properties is enabling sellers to set tight deadlines, with buyers rushing to beat rising interest rates. However, the need for speed does not mean buyers should sacrifice key steps like due diligence.
According to William Waller, managing partner of Pillsbury’s Los Angeles office and a member of the firm’s real estate practice, some procedures are deemed more important than others on a tight schedule, and environmental surveys sometimes don’t make it past the chopping block. “From a buyer's perspective, it can really be a problem because of a lot of things you're hard-pressed to get done in a short period of time, environmental due diligence in particular,” he said.
There are typically significant lead times in terms of getting information from the necessary agencies regarding the fitness of a property and what can and cannot be done with it, Waller commented. While things can sometimes be pushed through in one or two weeks, they often won't be complete.