Closing Time: Protecting Your Interests When Your Hotel Purchase Fails to Close
Joshua D. Bernstein and Kathleen M. Prystowsky write: After putting so much time and resources into negotiating a purchase agreement, and recognizing that deposits for the sale of hotels can run in the millions of dollars, it is important to put significant effort into protecting the seller's rights throughout the implementation of the agreement. Such steps are crucial to lessen exposure should the transaction fail.
August 02, 2017 at 02:02 PM
18 minute read
With the recent changes in the economy and lackluster financing options, sellers of commercial property, hotels in particular, are increasingly facing purchasers unable or unwilling to close on the property in accordance with the purchase agreement.
The question then arises as to what a seller is to do when concerns emerge about the viability of their deals?
In some cases, the transaction fails outright because the purchaser is unable to secure financing. In others, the seller may face an unfounded basis to terminate the contract in an attempt to save its down payment.
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