Investors involved in residential development face a series of challenges when it comes to taking the vision of a community to reality. Purchasing the land is only step one, from there the developer must create plans, obtain approvals, form community associations, build properties, and find interested buyers (and this is a very high level summary). Many of these steps involve legal issues or the need for specialized contracts.
Services We Offer Related to Residential Development
We have assisted in various aspects of real estate development, including but not limited to, drafting purchase contracts; reviewing zoning, title reports, and surveys; drafting homeowner and condo owner association declarations and bylaws; drafting construction and development agreements and resolving related disputes; drafting and reviewing loan documents, forming entities for real estate investments, and more.
Our Pricing Philosophy
One of the central tenants of Rick Davis Real Estate Law is to charge a fair price that is fair, honest and transparent, and to not nickel and dime our clients. Many of the firms that work real estate investors and developers are still using the old model of running a law firm. This means that the investor works with a partner who is the primary point of contact. The partner then tasks another attorney with drafting the contracts, and both the partner and other attorney bill for the conversation where the partner recaps the conversation with the client. The second attorney then drafts the document, to be reviewed by the partner. Numerous office conferences follow, and each are billed to the client by at least two (and sometimes more) attorneys. The result is a bill for the work that is much higher than it needs to be. Moreover, few law firms have embraced technology that allows for the automatic population of the names of the parties or deal terms that can be performed in a matter of seconds through automation or twenty minutes of drafting time by an attorney.
We want to be clear, our goal is not to be the cheapest law firm, and we can say confidently that we are not. With that being said, we want to charge a fair price that does not include charges for duplicative tasks or things that can safely be automated. This often results in total costs that are less than more traditional law firms. Moreover, we charge flat rates so you can know exactly what you will be paying for legal services up front and won’t be surprised with a large bill when the matter is over.
Contract Drafting Process
We want to ensure a smooth process for all the documents we draft for clients. We also want our clients to know what to expect before working with us. Therefore, we have created a six-step process for drafting of most residential development related contracts. This process is outlined below. Additionally, we provide all clients with access to an iPhone, Android and web app that can be used to view the status of the drafting of your document(s).
Introductory Phone Call
The first step in the process is to schedule a quick phone to discuss what you are looking for in your contract and the type of contract desired. This step in the process allows us to understand what you are looking for to ensure the contract meets your needs and expectations. If you have a letter of intent or other document, we request that you send it to us prior to the introductory phone call.
Following the introductory call, we will begin drafting your document or contract. The amount of time it will take to draft your contract will vary; however, we always prioritize purchase contracts as we understand the need to get the contract signed before anyone changes their mind. Therefore, our goal is to produce a purchase contract within two (2) business days of a request from our developer clients.
Once we have prepared your contract or document, we will forward it to you for your review and comment. We ask that you take a few minutes to read it over, and most importantly, confirm that all of the deal points are correct. If we have any deal points we were unsure about, we will mark those on the draft to you. Moreover, it may be necessary to schedule a call to go over the documents.
Negotiations with Opposing Counsel
As you know, it is rare that the other side just accepts a contract as drafted. Therefore, during this stage we will go back and forth with opposing counsel until an agreement is reached on the final form of the contract. Each time we receive a revised version from opposing counsel, we will promptly forward you a copy. Depending on your preference, we will either prepare our response for your review or will wait for you to provide your comments on the revisions.
Once the contract is finalized and approved by all parties, we will circulate a copy of execution. As is appropriate, we may send the document for an electronic signature or we may send you a copy of physical signature and/or acknowledgment. We will follow up with all parties to ensure we have a fully executed copy that is delivered to you for your records.
Once the document is fully executed, we will prepare an outline of the relevant dates for your review and reference. If this is the last of our involvement on this project, we will close our file. If not, we will proceed with the other aspects as is appropriate.
If you are interested in working with Rick Davis Real Estate Law, I invite you to contact us to schedule a no-charge introductory phone call where we can learn more about each other’s business and set the stage for moving forward.