Last week we began the Real Estate Mock Transaction training program. We met with our coaches and were divided into two teams: Seller’s Team, which includes Camille, Jennifer, and I; and, Buyer’s Team, which includes Jessica and Brendan. After being split up into teams and reading the Hunger Games themed fact scenario, Adam Lustig announced, “Let the Summer Games begin!” We then began the fast paced transaction with only 15 minutes to strike a multi-million dollar deal that would later be memorialized in a letter of intent.
I’ll admit, I was a bit nervous about negotiating a deal in a room filled with partners, especially since I want to practice in litigation and did not know what to expect. But, seconds into the negotiation, I realized why many prefer to work in the transactional side of law: it’s thrilling! (In fact, the negotiation felt a lot like playing poker, which explains why the real-estate department hosts a summer Poker Tournament.) Almost immediately, terms that I haven’t used–or heard–since first-year contracts were being thrown back and forth as both teams tried to negotiate the best deal for their respective clients, Fight to the Death, LLC (Sellers) and The Rebellion, LLC (Buyers). The negotiation did become a bit competitive, but, thankfully, did not rise to the level of a family “Monopoly Night” (you know what I am talking about). Within what felt like seconds, we struck a deal—but the terms were so nuanced that even the partners had to re-cap what we had agreed to.
In the end, I think both sides struck a good deal for their clients. Unlike litigation, both sides in a transaction can, and should, win and I think we have managed to do that so far.