Does your attorney handle the securities AND real estate side of things, giving you a one-stop-shop for all things legal with your deal from A to Z?
I'm wondering whether this is more common, or if syndicators more often use a separate securities and real estate attorney. I'd also like to ask your opinions on pros and cons of both. Thanks!
We use separate attorneys; a SEC one and a closing one. The SEC one does not need to be based in the state of the property but our closing attorney is. You might be able to find both in one firm but they are different areas of expertise.
Hi @Chihiro Kurokawa ,
It seems like this is more personal preference. A lot of individuals will use an SEC and a closing RE attorney in the specific state they are buying, however there are SEC attorneys that will do the whole enchilada.
We use separate attorneys for both. The securities attorney would likely be able to do both, but for us, we want them to focus on the securities offering and the title attorney to focus on the title.
Thanks for the feedback!
@Chihiro Kurokawa we also use two different attorneys as we prefer to have a local closing attorney.
as a securities attorney, i only ever represent the securities side. clients have to get separate, local counsel for the underlying closing transaction. several reasons for this: unauthorized practice of law in other states (because real estate is state law), nuances in closing at the local level, and because these are two completely different areas of law.
We only do the securities side, never the real estate side. Generally speaking, our clients are closing in a variety of states and need separate counsel licensed in that state for the real estate side. Hope this helps!
I definitely agree with the two securities attorneys above. As a real estate attorney, I only handle the real estate side (not the securities side), either as a principal in the transaction or as a California real estate attorney for California matters.
@Todd Dexheimer Hi Todd, can you recommend a securities attorney in Twin Cities, MN? Please DM me. Appreciate it.
@Davit Gharibyan I just signed an engagement with a highly recommended attorney in Milwaukee, WI. PM me if you would like his contact info. He will be handling the PA for our 244 unit purchase and can coordinate with attorneys in any market.
Awesome input everyone!! Thank you.
@Kent Leach Thank you for the info Kent.
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