Increasing Buyer Leverage In The 'Sign-And-Go-Hard' Era
Law360 (May 21, 2019, 3:09 PM EDT) -- Sign-and-go-hard transactions have become the new normal in the feverish real estate market of recent years. While standard purchase agreements typically contain a diligence period during which the buyer may terminate the transaction and recover its deposit, "sign-and-go-hard" transactions require that the buyer commit its deposit upon execution of a purchase agreement, without the opportunity to reclaim such investment if it discovers an undesirable condition during the course of its diligence.
Such transactions give sellers the upper hand at the competitive bid and letter of intent stage, and can result in a windfall if an objectionable discovery motivates the buyer to...
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