Thread by @LA_CRE_Attorney

Welcome to Part 3 of my series on #CRE Purchase and Sale Agreements (PSAs).

In this thread, we'll cover how to properly describe the property being purchased.

It's not as simple as just describing the land! Here are the key components 🔑

You can find Part 1 here if you missed it.

https://twitter.com/1211393533350834176/status/1650885554148372481

First is the "real property" which includes the following:

- the land (usually identified with a formal "legal description")
- the improvements located on the land
- the appurtenances (i.e. things like easements and rights of way associated with the land)

In addition to the real property:

- all tangible personal property used in connection with the property (things like furniture, equipment, or computers and is usually scheduled in detail)
- all leases
- any service contracts the buyer elects to assume at closing

The property description may also include:

- intangible property (things like warranties, permits, development rights, etc.)
- websites, IP rights, phone numbers, or social media accounts for the property

The exact list depends on context, but the key is that the "property" is more than just describing the land, and should include the real property and any personal property, intangible property, or leases, as well as any other applicable items.

As always a reminder that the info above is for general information purposes only and is not legal advice.

If you enjoyed this thread, follow me @LA_CRE_Attorney for more tips and insights on #CRE acquisitions and financing and RT below to share with your audience.

https://twitter.com/1211393533350834176/status/1651561911652057091