The Advanced Real Estate Transactions course examines the principal business and legal issues arising in each phase of typical real estate investment and development transactions. The course starts with an overview of the real estate economics and tax issues that drive real estate deals. Next, the course looks at the steps that create value in real estate and how they are connected, considering land acquisition and predevelopment activities; the effect of land use entitlements on value; managing title and other real estate problems; various types of real estate financing; and the practical aspects of closing transactions. We will also examine the use of different forms of business entities and joint ventures in real estate transactions, and the environmental issues involved in a real estate practice. Finally, in a section on workouts and bankruptcy, we will consider what happens when projects fail. The course is grounded in real-world transactions and documents, and uses practice guides and supplemental materials used by real estate practitioners, rather than a textbook. While not required, the introductory business associations and tax courses, taken before or concurrently with the Advanced Real Estate Transaction course, are helpful.