May 1

Ruling Puts Developers Between Rock and Hard Place, Brokers Weekly

Brokers Weekly reports, quoting Goetz Fitzpatrick partner Howard Rubin:

A court ruling could force developers to return developers to return hundreds of millions of dollars in deposits to disgruntled buyers who got cold feet when the recession set it. . . .

“This leaves the sponsor between a rock and a hard place — either risk buyers having the right to renege on a contract or navigate new agreements with lenders who will not be be amenable to having sales contracts recorded,” said Howard Rubin, an attorney of Goetz Fitzpatrick LLP, who was not involved in the Related case, but supports the developer’s cause ….

Download original article.

Leave a Comment