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Financing contingencies and earnest money deposits: if I can't get my loan, I get my deposit back, right?
  • Reed Smith LLP
  • USA
  • February 22 2012

Real estate purchasers whose contract permits the return of the earnest money deposit if financing cannot be obtained must be extremely careful in how this contingency is worded in the purchase contract, or a purchaser may get an unwelcome surprise, and be forced to forfeit the earnest money when financing cannot be obtained


Bona fide purchasers protected from trustee action
  • Reed Smith LLP
  • USA
  • April 27 2009

The U.S. Court of Appeals for the Ninth Circuit has held that a bankruptcy trustee could not avoid an unauthorized sale of real estate to a bona fide purchaser although the proceeds of the sale did belong to the estate


Minnesota Supreme Court gets it REIT: rejects 'economic substance' challenge
  • Reed Smith LLP
  • USA
  • May 21 2010

In a landmark decision issued yesterday, the Minnesota Supreme Court struck a blow for taxpayers by reversing a Minnesota Tax Court decision that had allowed the Minnesota Department of Revenue to disregard a taxpayer's captive-REIT structure on the basis that the transactions creating the structure lacked economic substance


The rule of lenity: should courts defer to agency interpretations of RESPA 8?
  • Reed Smith LLP
  • USA
  • January 8 2015

On November 10, 2014, the U.S. Supreme Court denied a petition for a writ of certiorari in a case entitled Douglas F. Whitman v. United States


New York High Court rules that statutory interest not included with liquidated damages - unless you say so
  • Reed Smith LLP
  • USA
  • February 14 2013

A recent opinion by New York's highest court (J. D'Addario & Co. v. Embassy Indus., Inc. Slip Op 07850, Court of Appeals) held that a seller's "sole


(US) Commercial real estate brokerage agreements: imprecise commisson language can cost you
  • Reed Smith LLP
  • USA
  • July 24 2015

It would be unfair (and likely bad faith) for a property owner to terminate a brokerage agreement prior to entering into a sales agreement or lease


Subtenant retains possessory rights under section 365(h) despite explicit free and clear section 363(f) sale
  • Reed Smith LLP
  • USA
  • June 12 2013

At a "free and clear" asset sale, a buyer obtained a lease of real property that the bankruptcy court held was not free and clear of interests after


Junior lien holder bankruptcy stays foreclosure by senior lien holder
  • Reed Smith LLP
  • USA
  • April 27 2009

A bankruptcy filing by a property owner may not be the only action that prevents foreclosure of a security interest in that property held by a secured creditor


Ninth Circuit joins Eleventh, holds there is federal common law of receivership
  • Reed Smith LLP
  • USA
  • October 15 2009

The U.S. Court of Appeals for the Ninth Circuit has held that there is a federal common law of receivership in the context of real property security interest, joining the Eleventh Circuit


Court of Appeal considers the grounds for reopening an application for reconsideration of a refusal to allow permission to appeal
  • Reed Smith LLP
  • United Kingdom
  • January 6 2011

In Trevor Guy v Barclays Bank plc 2010 EWCA Civ 1396 the Court of Appeal heard an application under CPR 52.17 for reconsideration of a refusal to grant permission to appeal a summary judgment decision