It is important to assemble a team of seven professionals who help to carry out an overall evaluation of the property. This team will include a broker, an appraiser, an accountant, an attorney, an architect, an engineer, a marketing and financial consultant.
The broker will assist in the negotiation of the purchase. The appraiser will be a person who has either done appraisal of similar properties or has appraised properties in the hotel construction and leasing market. The accountant will be responsible for reviewing the records kept on the property to determine whether the funds are being applied appropriately, and whether the reporting systems and financial controls are adequate. The attorney will be a legal consultant specializing in hotel works and will assist in the formulation of acquisition strategies. The attorney will assist in the identification and coordination of the members of the acquisition team, and also offer advice on structure and terms of transactions. The attorney will also assist in issues of legal due diligence, including the significance of litigation and regulatory and title issues.
In its popular usage the word conveyance signifies the document employed to carry out a purchase of land. But the term conveyance is of much wider import, and comprises the preparation and completion of all kinds of legal instruments. A well-known branch of the conveyancers business is the investigation of title. An important function in the case of purchases or mortgages of real estate. With personal estate (other than leasehold) he has perhaps not so much concern. Chattels are usually transferred by delivery, and stocks or shares by means of printed instruments which can be bought at a law-stationers. The common settlements and wills, however, deal wholly or mainly with personal property; and an interest in settled personality is frequently the subject of a mortgage. Of late years, also,