Coordinate the process to finalize desirable space rights agreements and actively pursue processing so that projects may progress without unnecessary delays.

Finalization is critical to the establishment of legal rights such as wireless facility space rights. Unless space rights documentation is correctly executed and recorded, the agreements may not secure the quality guarantees desired and required by the facility developer. It is the site acquisition consultant’s responsibility to see the process progress through to completion, avoiding unnecessary delays. Time is of the essence.

Once an agreement is reached in principle, a brief but certain process takes place to finalize each agreement, document any necessary authorizations, prepare agreements for signature, and, when necessary, prepare and obtain formal acknowledgments of all signatures by notaries legally registered and bonded under regulations of the state. A review of the final drafted space rights language by the property owner ensures that the agreement in principle is properly translated by the project attorney into language for the actual written agreement. Tweaking the agreement language may still be necessary to customize it for both parties.

Corporations have additional requirements with respect to finalizing binding legal contracts and agreements. To protect against individuals within the corporation signing agreements without the express written consent of the overall corporation, wireless facility developers need corporate resolutions from corporate property owners to demonstrate that a meeting of the corporation was conducted at which time the individual signing for the corporation was specifically authorized to sign the agreement with the wireless facility developer. The corporate seal and signature of corporate officers is required on the resolution paperwork. The corporate officers signing the resolution need to be listed on papers filed with the state of incorporation and available on that state’s Secretary of State website under the corporate property owner’s entity name.

Exhibits are attachments to the space agreements that characterize the space agreements in a simple sketch, the final survey of the lease space, and construction drawings. The legal description of the parent property is included as an exhibit to the space rights agreement as well. For collocations on existing structures, exhibits may be added to specify rules and technical standards that apply to occupancy on the property and use of the existing structure.

In contrast, purchase contracts or contracts for deeds serve as preliminary agreements to the transfer of a deed from the existing property owner as the seller to the new property owner as the buyer. Once the requirements of a purchase contract have taken place and the parties are ready to close the transaction, a deed can be transferred from the seller to the buyer in exchange for consideration made by the buyer to the seller. A deed becomes the final space agreement for purchases of real property.

The completion of the finalization process includes sending copies of fully executed agreements to the county where the property is located for recording in the public land records. Once a copy of the recorded documents is returned by the county, the recorded location of the documentation can be noted in the public records. The following chapter explains further details regarding the above aspects of finalizing space agreements, thereby completing the space rights aspect of real estate entitlements necessary to install wireless infrastructure facilities.

A memorandum of the lease (MOL) is a summary of a space lease agreement used explicitly for recording a notice of the nature of the lease agreement in the public records. The MOL is signed by the parties, just like the space rights agreement. The inclusion of the acknowledgment performed by a notary is crucial for the MOL to be recorded in the county records where the property is located. Once the final drafts of the space agreement, the MOL, and any other documents to be signed are fully approved, they are prepared for signature. These final agreements are referred to as executables because they are the paperwork that can be signed by both parties and notarized, as appropriate. Finalizing space agreements involves securing all necessary signatures and acknowledgments from all parties.