PSA Crash Course?
Are there any resources you monkeys recommend for building a general aptitude in reviewing PSAs for someone with a non-legal background?
I work an an REPE and am in a position that my career would benefit from being able to take on some of the legal workload of our next few deals. I may ultimately be able to do a walkthrough with my MD or the associate of our counsel on a deal we're currently working on, but I'm curious if anyone is aware of online resources they've found particularly useful
Most firms typically have a list of about 10 essential items to include in a PSA. Here are a few examples:
What are your firm’s standard expectations for down units or make-ready credits?
How long is the survival period—6, 9, or 12 months?
Reps required to certify the rent roll (RR) or trailing 12 months financials (T12)?
What are the timing and costs associated with extensions?
Are there any knowledge qualifiers?
What is the casualty damage threshold?
Will the title and survey be accepted as-is, or are objections allowed?
Which contracts will be assumed?
What is the liability for contract default?
Once you identify the key items for the PSA, it becomes easier to mark it up and begin negotiations to incorporate the desired language. I would ask your MD what the top items are he wants, and then review prior deal PSA's from first draft to executed to see how the redlines progressed.
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