real-estate

name	real-estate
description	Real estate law skill for property transactions, leases, and land use. Use when the user needs assistance with real estate closings, lease agreements, title review, zoning, easements, or property disputes. Triggers on keywords like "real estate", "property", "lease", "landlord", "tenant", "title", "deed", "mortgage", "closing", "zoning", "easement", "commercial lease".

Real Estate

This skill provides expert guidance for real estate transactions, leasing, and property law matters.

Core Capabilities

1. Transactions

• Purchase and sale agreements
• Title review and insurance
• Due diligence
• Closings

2. Commercial Leasing

• Lease negotiation
• Lease abstraction
• Tenant improvements
• Lease administration

3. Financing

• Mortgage documentation
• Loan agreements
• Security instruments

4. Land Use

• Zoning analysis
• Permitting
• Entitlements
• Environmental compliance

Purchase and Sale Transactions

Transaction Timeline

LOI → PSA Negotiation → Due Diligence → Title Review →
Financing → Survey → Closing → Post-Closing

Purchase Agreement Key Terms

Section	Key Issues
Purchase Price	Amount, earnest money, adjustments
Due Diligence	Period, scope, termination rights
Title	Commitment review, permitted exceptions
Survey	Requirements, objection process
Representations	Environmental, litigation, leases, compliance
Conditions	Financing, tenant estoppels, approvals
Closing	Date, location, deliverables
Prorations	Taxes, rents, operating expenses
Default	Remedies, liquidated damages, specific performance

Due Diligence Checklist

Physical

• Property condition assessment
• Environmental (Phase I, Phase II if needed)
• Building systems review
• ADA compliance assessment
• Deferred maintenance analysis
• Capital expenditure projections

Financial

• Rent roll verification
• Operating expense history (3 years)
• Utility bills
• Service contracts
• Insurance costs
• Tax assessment review
• CAM reconciliation history

Legal

• Title commitment review
• Survey review
• Lease abstracts
• Tenant estoppels
• SNDAs
• Existing loan documents
• Property management agreements
• Reciprocal easement agreements
• CC&Rs

Governmental

• Zoning verification
• Certificate of occupancy
• Building permits
• Compliance certificates
• Pending assessments
• Litigation/condemnation

Title Review

Standard Exceptions to Remove

1. Rights of parties in possession
2. Survey matters
3. Mechanic's liens
4. Taxes not yet due
5. Special assessments

Common Title Issues

Issue	Resolution
Mortgage liens	Pay off and record satisfaction
Judgment liens	Obtain release or pay
Tax liens	Pay and obtain certificate
Easements	Analyze impact, may be acceptable
Restrictive covenants	Review for conflicts with intended use
Gaps in chain	Obtain affidavits, quiet title

Title Insurance

Owner's Policy: Protects buyer's ownership interest Lender's Policy: Protects mortgagee's security interest

Common Endorsements:

• Access
• Survey/location
• Zoning
• Contiguity
• Restrictions
• Tax parcel

Commercial Lease Structure

Lease Types by Expense Allocation

Lease Type	Tenant Pays
Gross	Base rent only
Modified Gross	Base rent + some expenses
Triple Net (NNN)	Base rent + taxes + insurance + CAM
Absolute Net	Everything including structural

Key Lease Provisions

Business Terms

- Premises description and measurement
- Lease term (commencement, expiration)
- Rent (base, escalations, percentage)
- Security deposit
- Permitted use

Operating Provisions

- Operating expense pass-throughs
- CAM calculation methodology
- Expense caps and exclusions
- Audit rights
- Gross-up provisions

Construction/Improvements

- Tenant improvement allowance
- Work letter
- Plans and specifications
- Change orders
- Substantial completion

Tenant Rights

- Renewal options
- Expansion rights
- Right of first offer/refusal
- Exclusivity
- Co-tenancy
- Relocation rights
- Termination rights

Landlord Protections

- Use restrictions
- Assignment/subletting controls
- Continuous operation
- Radius restrictions
- Recapture rights
- Financial reporting requirements

Lease Abstraction Template

LEASE ABSTRACT

BASIC INFORMATION
Tenant:
Landlord:
Premises:
Lease Date:
Commencement:
Expiration:
Square Footage:

RENT
Base Rent: $____ PSF / $____ per month
Escalations:
Percentage Rent:

ADDITIONAL RENT
CAM:
Taxes:
Insurance:
Base Year/Stop:

OPTIONS
Renewal:
Expansion:
ROFR/ROFO:
Termination:

KEY DATES
Rent Commencement:
Option Notice Deadlines:
Lease Expiration:

SPECIAL PROVISIONS
Exclusivity:
Co-Tenancy:
Kick-Out Rights:

TENANT IMPROVEMENTS
Allowance: $____ PSF
Delivery Condition:

Financing Documents

Loan Document Checklist

• Loan Agreement/Note
• Mortgage/Deed of Trust
• Assignment of Leases and Rents
• Security Agreement
• Environmental Indemnity
• Guaranty (if applicable)
• UCC Financing Statements
• Subordination agreements

Key Loan Terms

Term	Description
LTV	Loan-to-value ratio
DSCR	Debt service coverage ratio
Interest Rate	Fixed, floating, caps
Prepayment	Penalty, yield maintenance, defeasance
Reserves	Taxes, insurance, TI/LC, capital
Recourse	Full, partial (carve-outs), non-recourse
Financial Covenants	Ongoing requirements

Carve-Out Guaranty Triggers

• Fraud
• Misappropriation of funds
• Voluntary bankruptcy
• Environmental liability
• Waste
• Prohibited transfers
• SPE covenant violations

Zoning and Land Use

Zoning Analysis

1. Verify current zoning classification
2. Check permitted uses
3. Review dimensional requirements
4. Identify variance/special permit needs
5. Check overlay districts
6. Review comprehensive plan

Common Zoning Requirements

• Setbacks (front, side, rear)
• Height limitations
• Floor area ratio (FAR)
• Lot coverage
• Parking requirements
• Signage regulations
• Landscaping requirements

Entitlement Process

Pre-Application → Application → Staff Review →
Public Hearing → Planning Commission →
City Council/Board → Permits

Closing Process

Seller Deliverables

• Deed (warranty, special warranty, quitclaim)
• Bill of sale
• Assignment of leases
• Assignment of contracts
• Tenant estoppels
• SNDA (if required)
• FIRPTA affidavit
• Authority documents
• Title affidavit
• Gap indemnity

Buyer Deliverables

• Purchase price (wire)
• Authority documents
• Assumption agreements

Closing Statement Items

• Purchase price
• Earnest money credit
• Prorations (taxes, rents, CAM)
• Title insurance premiums
• Recording fees
• Transfer taxes
• Attorney fees
• Escrow fees

Integration with Other Skills

• contract-lifecycle: Lease and PSA review
• due-diligence: Transaction due diligence
• environmental-law: Environmental compliance
• corporate-ma: Real estate in M&A
• tax-law: 1031 exchanges, REIT issues

Reference Files

For detailed guidance:

• references/lease-forms.md - Commercial lease templates
• references/closing-checklist.md - Transaction closing guide
• references/title-review.md - Title examination procedures