LOS ANGELES—EVP for acquisitions calls her favorite lawyer:“We're buying Three Rivers Shopping Center, so get going on duediligence.”
Favorite lawyer immediately calls title company: “I need a titlereport on Three Rivers Shopping Center, ASAP,” and surveyor: “Ineed a survey of Three Rivers Shopping Center, ASAP.”
In due course the title company produces a title report namingthe owner, giving an eight-page metes and bounds propertydescription indecipherable to normal humans, and a list ofcovenants, easements and liens affecting the property. Soonthereafter, the surveyor produces a survey showing many parcels ofland, the buildings located on them and plots of the variouseasements affecting those properties.
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