Last Updated May 14, 2019

Law and Practice

Contributed By McGuireWoods LLP

Authors



McGuireWoods LLP has a diverse real estate practice of more than 80 lawyers and land use planners in its offices in Tysons, Charlottesville, Richmond and Norfolk, with skills in a wide range of traditional and non-traditional real estate transactions. The firm’s transactional representation spans all aspects of real estate acquisition, development, financing and disposition, including acquisition, sale, leasing and financing transactions, as well as project finance, construction, public-private partnerships, negotiation of local and state incentives and privatization transactions. The team respresents clients around the world on various sides of such transactions, including Fortune 500 companies. The transactional practice is complemented by the firm’s land use expertise, as it frequently handles zoning and land use matters for development projects.

Due diligence for real estate acquisitions in Northern Virginia typically includes the following, at a minimum:

    1. Title and Survey Review. Review title commitment, survey and B-2 exceptions, and obtain pro-forma and endorsements. Obtain estoppel certificates from declarants or associations under recorded CC&Rs, and from tenants under leases, as applicable.
    2. Zoning and Proffers. Review zoning to confirm ability to develop and/or use property for its intended purpose. Secure zoning confirmation letter. Review and allocate any density rights among landowners controlled by a common rezoning. Review proffers to identify any on-site and off-site obligations encumbering property.
    3. Easements. Confirm on-site and off-site easements for access, utilities, storm water drainage, signage, parking, temporary construction and grading.
    4. Utilities. Confirm existing or contemplated utilities have adequate capacity to support intended use.
    5. Environmental. Perform Phase I and potentially a Phase II.
    6. Geotechnical Work. Perform soil studies.

Items a) to c) above are typically handled by the buyer’s counsel at the buyer’s expense, while items d) to f) are typically handled by the buyer’s engineers at the buyer’s expense.

McGuireWoods LLP

1750 Tysons Boulevard
Suite 1800
Tysons, VA 22102-4215

+1 703 712 5000

+1 703 712 5050

info@mcguirewoods.com www.mcguirewoods.com
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Authors



McGuireWoods LLP has a diverse real estate practice of more than 80 lawyers and land use planners in its offices in Tysons, Charlottesville, Richmond and Norfolk, with skills in a wide range of traditional and non-traditional real estate transactions. The firm’s transactional representation spans all aspects of real estate acquisition, development, financing and disposition, including acquisition, sale, leasing and financing transactions, as well as project finance, construction, public-private partnerships, negotiation of local and state incentives and privatization transactions. The team respresents clients around the world on various sides of such transactions, including Fortune 500 companies. The transactional practice is complemented by the firm’s land use expertise, as it frequently handles zoning and land use matters for development projects.

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