As part of our summer associate program, we had the exciting opportunity to participate in a Real Estate Mock Transaction that combined hands-on legal training with a fun and creative storyline inspired by Wicked.
The fictional scenario involved Elphaba (portrayed by Devin Amdursky) purchasing a plot of land in Miami from Glinda (portrayed by Ben Greni), who planned to use the sale proceeds to launch her glitter business. Elphaba and Glinda each had their respective legal teams: Elphaba was represented by Carolina Varas, while Glinda was represented by Ashley Ware, Alex Spillis, and Ashton Terrigno. This imaginative setup added a joyful and engaging element to an already valuable learning experience that would last throughout 7 weeks of the program.
The Three Key Stages of the Transaction
The mock transaction was structured around three main stages, each designed to sharpen our legal skills and deepen our understanding of real estate deals — all while keeping the Wicked storyline front and center.
- Drafting and Negotiating the Letter of Intent (LOI)
Our first task was to draft and negotiate the Letter of Intent. Negotiating the LOI felt like setting the stage for Elphaba’s big Miami purchase, and it involved in-depth disputes over the purchase price, deposit amounts, and closing/inspection periods. The back-and-forth discussions were engaging and rewarding, helping us learn how to balance advocacy with cooperation. I may be biased, but the $48,000,000 purchase price seemed like a huge win for Glinda’s entrepreneurial career. - Reviewing and Negotiating the Purchase and Sale Agreement (PSA)
Next, we dove into the Purchase and Sale Agreement, exploring its key components in detail. This document is the foundation of any real estate transaction, and understanding the nuances is crucial to succeeding in the transaction. Shockingly, this negotiation, which focused on redlines suggested by Glinda’s team, went smoother than the LOI negotiation, likely a result of our growing confidence in navigating a negotiation. By the end, we successfully negotiated provisions involving the Seller’s Representations, Default, Seller’s Liability, and the infamous “As Is” clause. - Preparing and Executing Closing Documents
The final stage involved preparing and executing the closing documents. This step brought the transaction to a satisfying conclusion and highlighted the importance of precision and attention to detail. Glinda’s attorneys drafted the special warranty deed, no lien affidavit, and general assignment, while Elphaba’s attorney drafted the closing statement.
“The End”
Overall, the Real Estate Mock Transaction was a standout experience this summer. Our coaches, Sean Gleason and Lauren Cankaya, provided invaluable support throughout the negotiations, while the transaction leaders, Manny Gonzalez and Phil Sosnow, did an excellent job guiding and teaching us during the entire deal. Thanks to this experience, we’ve strengthened our negotiation, drafting, and transactional skills — all while having a little fun in the world of Wicked.