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In real estate, knowing a variety of laws is a must

The University of Michigan will pay $12.8 million for the Edwards Brothers 2500 State Street property, announced a University official recently. According to the announcement, if finalized the purchase will give the University flexibility in that the 16.7 acre property is adjacent to the University's athletic complex and near one of its parking lots. Sale of the property will allow Edwards Brothers, a printing company, to consolidate its remaining operations in Ann Arbor and save jobs in the County.

This case illustrates a real estate transaction governed by a variety of Federal, state and common laws. It is assumed that financing arrangements satisfy one or more of those laws. Also, the agreement includes a 60-day "wait period" during which a number of things can happen, including the City of Ann Arbor exercising its "right of first refusal" option, formerly given because the City is concerned about taking the property off the tax rolls, which a University purchase would do. A right of first refusal is common in real estate transactions and gives the holder an option to purchase something on specified terms before its owner can enter into a purchase agreement with a third party.

Also not known is other Federal laws that may apply such as the Federal Fair Housing Act preventing discrimination. Also not known: whether a third party title company is needed, if taxes are owed on the property and how and when back taxes are paid.

An experienced real estate attorneys who know all applicable laws and where and when they apply may be able to help those who are struggling with the purchase and sales of a property.

Source: M Live, "University of Michigan strikes $12.8M deal to buy 16.7-acre Edwards Bros. property on State Street", Kellie Woodhouse, November 27, 2013

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