One of the highlights of my summer so far at Bilzin Sumberg has been the summer associate mock real estate transaction, which has been an experience that has given us a look into the rhythm and strategy of real dealmaking. Representing the sellers are myself, Nicole, and Michael (“the Dream Team”), while Alex and Nate represent the buyers (I’m not sure what they call themselves). Each session has been extremely interactive and educational, and helps remind me why I am interested in transactional work in the first place.

Our first session was with Phil Sosnow and Manny Gonzalez, who walked us through the first step of a real estate transaction: the letter of intent. They took the time to teach us what an LOI is, how it functions, and how it sets the baseline for everything that follows. I was struck by how much strategic thinking goes into a document that, for the most part, is not binding. The LOI isn’t just meant to be a preliminary formality, but rather, where the parties iron out the most important aspects of the deal.

Armed with this foundation, our two teams sat down to negotiate the LOI ourselves (alongside the help of our gracious coaches, Sean Gleason and Brittany Chung-Blair). That first negotiation was eye-opening. Balancing competing priorities (prices, timelines, contingencies) while trying to maintain a productive relationship with the other side required a level of finesse I hadn’t fully appreciated before.  

From there, at our next educational session, we moved on to the full purchase and sale agreement. We learned about the key points of contention that typically arise: title and survey issues, representations and warranties, closing conditions, and more. Then came another round of negotiations, this time working through a pre-drafted contract and debating what provisions to revise, strike, or add. Once again, we were learning how to react in real time to proposals made by the opposition, as well as how to coordinate with your team the appropriate response.

What strikes me most about these mock negotiations is how they bridge the gap between classroom learning and practice. Reading about deal terms is one thing; advocating for them across the table is something else entirely. This mock transaction has taught me to think on my feet, to listen carefully to what the other side is really saying, and to approach negotiation not as a zero-sum game but as a collaborative problem-solving exercise—all skills that we are being taught throughout our time here at Bilzin Sumberg. The closing for this transaction is right around the corner, so I’ll be sure to keep the dedicated followers of this blog updated. We’ll see if Alex and Nate keep up their contentious approach, or if we’ll be able to get this deal done.