I’m no legal expert but if he’s got an army of attorneys anything is possible 

Not sure how we would legally structure this and still get that benefit though???

If we don't need one, what are the common trends that will bite, legally?

What am I legally allowed to do?

I would highly recommend that during your option period or contract negotiations that you ask to see a copy of the restrictions so that you can determine if this falls into your objectives and tolerance.

Do you NEED an agent, as in "Do I legally need an agent to make an offer?"  

[Not legal advice - but you should get some].

Typical upfront fees would consist of Appraisal or BPO fee (3rd party charge) and maybe a document  deposit, after final approval is issued, to ensure that in the event of a last minute cancellation by borrower, legal fees are paid. 

Just a comment on CMBS:Unless you're going with a conduit who has a capped cost program, a CMBS deal can run up some pretty hefty due diligence costs - $30k-50k deposit due with a signed term sheet (majority is anticipated legal fees).

The industry is so ripe for discussion with all of its: negative stigma, tenants/toilets/trash, fee-drivenness, landlord friendly, investor driven, technologically evolving and legislatively active...environment.There's the historic landlord and agent PM legal agency relationship with a traditional scope of service, duties/responsibilities between LL&T, evolving retail/consumer trends/expectations, etc.