Real Estate

Overview

Richards Layton has decades of experience in commercial property transactions throughout Delaware, as well as ongoing involvement in the drafting and implementing of Delaware real estate law. We have worked with all the key players in real estate transactions—developers and owners, lenders and investors, municipalities—so we understand what it takes to get deals done. We also have strong working relationships with local government officials to minimize conflicts and maximize opportunities in zoning, land use approvals, and economic development incentives.

Transactional Experience
Having worked for decades on real estate purchase, sale and development projects throughout Delaware, our lawyers have the experience to help clients structure and negotiate the best business deals, then quickly document and close the transaction. Whether the project involves single commercial properties or multiple property portfolios valued in the hundreds of millions of dollars, we bring value to the table through our track record of completing more, and more sophisticated, transactions than most other real estate lawyers in Delaware.

We staff each deal with one or two working lawyers who maximize speed and efficiency through the kind of thorough market knowledge that requires little learning curve. Our lawyers give clients all the help they need to get deals done, from land acquisition and land use approvals, through the financing and construction phase, to the sale, purchase or lease of the project. Because we are project-driven rather than process-driven, we structure every transaction to our client's best advantage. The number of real estate transactions in our legal portfolio ensures that we bring sound business judgment to each deal, offering an efficient and thorough due diligence review of title, property conditions and legal obligations as well as an assessment of future opportunities.

Government and Market Insight
The importance of our familiarity with local government contacts and market assessment cannot be overstated. We are able to handle unique development and regulatory issues (even in environmentally sensitive coastal areas), forge relationships with public officials that are essential for efficient deal closing, and resolve even difficult zoning or property tax problems. Our lawyers are skilled at settling crucial issues to secure the timely approval of permits and zoning applications, and make sure all due diligence, from determining environmental liability to insuring the title, is completed. While we are effective at appealing land use decisions, our real strength is in resolving the concerns of regulating bodies short of litigation.

Typical of Richards Layton’s broad and deep Delaware market sophistication, we have represented the City of Wilmington itself on development, land use and litigation involving a variety of real estate projects.

Finance and Investment Connections
Because Richards Layton has experience with some of the largest financial institutions and institutional investors in Delaware and the Mid-Atlantic region, we can facilitate the financing of any development project. Turbulent times often require creative financing alternatives or combinations—we consider the most advantageous structure using conventional lending and available equity sources, such as syndications and real estate investment trusts (REITs).

Our lawyers advise owners, syndicators, underwriters and investors (including entrepreneurial individuals and funds looking for substantial investment returns) on financing strategies, and excel at evaluating real estate and facility portfolios to maximize asset value. We evaluate and structure financing alternatives, develop and analyze lease versus ownership advantages, and identify tax and economic incentives.

Restructuring Capabilities
In today’s challenging real estate market, Richards Layton represents secured creditors and developers in restructuring troubled real estate projects and real estate portfolios. Our wide-ranging knowledge of and contacts in the industry have given us special skills in lender liability, foreclosures and other workout-related transactions. Our lawyers can resolve defaults on commercial property loans by restructuring the loan agreement or handling portfolio transactions for both buyers and sellers.

Because we have the ability to represent all parties (lenders, buyers, sellers, developers), we are skilled at staying abreast of the market: for example, in our role as seller’s counsel, our extensive transactional experience enables us to anticipate and address buyer concerns and bring all parties to a successful closing. And we can handle such complexities as debtor-in-possession financing and deed-in-lieu-of-foreclosure transactions.

 

Representative Clients

  • American International Group, Inc.
  • Bank of America
  • The Buccini/Pollin Group
  • City of Wilmington
  • Colonial Parking, Inc.
  • LC Homes, Inc.
  • Wilmington Trust Company
  • WSFS Financial Corporation

Publications

  • "Delaware Purchase and Sale Issues for Buyers," The Practical Real Estate Lawyer, November 2016   View >
  • "Recording Community Documents," August 15, 2016   View >
  • "Changes to Delaware Fair Housing Law," August 9, 2016   View >
  • "Delaware Mortgages Unsealed," June 29, 2016   View >
  • "2016 Changes to ALTA/NSPS Minimum Standard Detail Requirements for Land Title Surveys," April 5, 2016   View >
  • "New FASB Rules and Your Balance Sheet," March 29, 2016   View >
  • "Bankruptcy Remote Entities in Commercial Real Estate Transactions," Practical Law The Journal, November 2015   View >
  • "No "Leap-Frog" in Refinancing: Delaware Supreme Court Embraces Delaware's Pure Race Priority Status," Delaware Banker, Fall 2015   View >
  • "Notice of Termination of Utilities for Common Interest Communities," September 8, 2015   View >
  • "Delaware Neighborhood Conservation and Land Banking Act," August 17, 2015   View >
  • "Amendments to the Delaware Uniform Common Interest Ownership Act," August 17, 2015   View >
  • "Delaware Adopts Rapid Arbitration Act," April 15, 2015   View >
  • "Delaware Real Estate Law Update: Reauthorization of Terrorism Risk Insurance Act," January 9, 2015   View >
  • "Delaware Real Estate Law Update: Condominiums No Longer Subject to ILSA," September 25, 2014   View >
  • "Office of the Common Interest Community Ombudsman Created," August 18, 2014   View >
  • "Support for R&D for Small Businesses," July 29, 2014   View >
  • "Evictions under Agricultural Leases," July 8, 2014   View >
  • "New Downtown Development Districts," June 24, 2014   View >
  • "An Overview of the Real Estate Finance Opinion Report of 2012," Delaware Law Review, 2014   View >
  • "Important Changes for Residential Leasing," July 1, 2013   View >
  • "Delaware Passes the Commercial Real Estate Broker's Lien Act," May 14, 2013   View >
  • "Potential Environmental Legislative Amendments that Will Affect Future Site Development in the State and Facilities under the State's HSCA, Tanks and Oil Pollution Programs," March 14, 2013   View >
  • "Commercial Real Estate Loans: Lender's Environmental Liability," PLC Real Estate, 2013   View >
  • "Commercial Real Estate Loans: Environmental Due Diligence for Lenders," PLC Real Estate, 2013   View >
  • "Delaware Real Estate Law Update: Changes to Contractor Payment Rules," August 7, 2012   View >
  • "Delaware Real Estate Law Update: Department of Justice Extends Deadline for Pool Accessibility," May 29, 2012   View >
  • "Substantive Changes to Real Estate Broker Licensing Law," February 14, 2012   View >
  • "Condominium Project Recertification a Must," January 5, 2012   View >
  • "Delaware Real Estate Law Update: Substantive Changes to Real Estate Broker Licensing Law," November 21, 2011   View >
  • "Delaware Real Estate Law Update - Legislature Removes Impediment to Seller Financing of Commercial Real Estate," August 11, 2011   View >
  • "Delaware Laws & Programs Affecting Business - 2011 Edition," July 2011   View >
  • "Delaware Real Estate Law Update: Street Connections Through Age-Restricted Communities," June 6, 2011   View >
  • "Delaware Real Estate Law Update: Revised Seller's Disclosure Forms Create New Burdens for Builders and Other Sellers," April 6, 2011   View >
  • "Delaware Real Estate Law Update: Revised Seller's Disclosure of Real Property Condition Report Forms Create New Burdens for Builders and Other Sellers," April 5, 2011   View >
  • "Delaware Real Estate Law Update: Tax Withholding Form Issued for All Sellers of Delaware Real Estate," December 28, 2010   View >
  • "Lonergan v. EPE Holdings LLC: The Delaware Court of Chancery Discusses the Implied Covenant of Good Faith and Fair Dealing," November 8, 2010   View >
  • "Delaware Real Estate Law Update: Estimated Taxes for Non-Resident Sellers of Delaware Real Estate," August 24, 2010   View >
  • "Delaware Real Estate Law Update: Commercial Loan Insurance Requirements Now Enforceable," August 24, 2010   View >
  • "Delaware Real Estate Law Update," August 5, 2010   View >
  • "Delaware Real Estate Law Update: Changes for Leasehold Mortgages," August 5, 2010   View >
  • "Delaware Real Estate Law Update: Delaware Prohibits Private Transfer Fees," August 5, 2010   View >
  • "Delaware Real Estate Law Update: Homeowners’ Association Authority to Regulate Demolition," August 5, 2010   View >
  • "Real Estate Law Update: Technical Amendments to the DUCIOA," July 15, 2010   View >
  • "Real Estate Law Update: New Requirements for Residential Developers," July 15, 2010   View >
  • "Delaware Common Interest Ownership Act Amended and Deferred," July 8, 2009   View >
  • "Delaware Common Interest Ownership Act Deferred," February 18, 2009   View >
  • "Delaware Uniform Common Interest Ownership Act," November 13, 2008   View >