Direct agreements or tripartite agreements are often an important feature of financings involving ground leases or single tenants, as well as in project finance. … Continue Reading
It is not uncommon for parties to enter into contracts for the purchase and sale of real estate that contain defects which may affect their enforceability.
To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the “three Ps” (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback. Although these legal requirements are well known, even the most experienced real estate professional will occasionally fail to adequately describe one or more essential terms in a purchase … Continue Reading