Over the summer, we have had the chance to experience every stage of a typical real estate transaction through the Mock Real Estate Transaction program. From the initial contract negotiation to contract amendment, Adam Lustig and Phil Sosnow led the summer associates through each step to closing. This week, after preparing a special warranty deed, a general assignment, a no lien affidavit, and a closing statement, we were finally ready! The teams showed up prepared (or so we thought).
Instead, we got a real-life lesson in the many pitfalls and obstacles that can arise last minute in any closing – no matter how well-prepared the attorneys on both sides are. Our seller, Mel B (played by Alex Barshel), was out sick the day of the closing. The seller’s attorneys attempted to sign the closing documents in her place. If we had power of attorney, this would have been the perfect solution! Alas, that too would have required a signature from the seller. Adam and Phil treated this as a lesson in preparedness – always have multiple signed copies in advance of the closing!
Fortunately, Adam and Phil still took us out to Sugar to celebrate our efforts. We enjoyed a variety of cocktails and appetizers at a swanky rooftop bar overlooking the city. While most of the group was relaxed and enjoying the views from the rooftop, Phil was on a mission to find out more information about the alleged secret speak-easy room located somewhere in the Brickell East hotel bar. His first request to tour the space was met with a short “No.” Subsequent inquiry yielded a mysterious email address to contact – hopefully we’ll find out more!