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What is an “interpleader action” after a failed real estate purchase?

June 14, 2023 Real Estate Development, Sales and Leasing Industry Legal Blog

When a real estate contract fails to close, disputes over the binder deposit may arise. In such cases, an escrow agent can initiate an interpleader action, seeking court intervention to determine who is entitled to the funds, while recovering their attorneys’ fees and costs. Understanding this process is crucial for all parties involved in failed real estate purchases.

Five Key Construction Contract Terms That Every Building Owner Needs to Negotiate

April 5, 2021 Construction Industry Legal Blog, Healthcare Industry Legal Blog, Hospitality Industry Legal Blog

When a building owners hires a contractor to construct a building or other construction project, the contractor is often significantly more experienced when it comes to the ins and outs of the construction contract as well as the overall construction process.  Oftentimes, a building owner may simply accept the contract […]

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 7: Expediting the Commercial Foreclosure Process Under Section 702.10, Florida Statutes

January 14, 2021 Banking & Financial Services Industry Legal Blog

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action.  The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action.  Since there are additional considerations for lenders dealing with lending to hotels, restaurants and […]

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 6 – Considerations for the Appointment of a Receiver During Commercial Foreclosures

December 29, 2020 Banking & Financial Services Industry Legal Blog, Real Estate Development, Sales and Leasing Industry Legal Blog

As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action.  Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further […]

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 5 – Commercial Foreclosures 101

October 22, 2020 Banking & Financial Services Industry Legal Blog, Real Estate Development, Sales and Leasing Industry Legal Blog

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages.  Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults.  This article provides a high-level overview […]

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