Buyers

News & Analysis as of

Amendments to Arizona’s Purchaser Dwelling Act Impact Residential Construction Claims

House Bill 2578, which amends the Purchaser Dwelling Act (“Act”) was signed into law by Governor Ducey on Monday, March 23, 2015. The Purchaser Dwelling Act sets forth a procedure for bringing claims for construction defects...more

Supreme Court Provides TILA Home Loan Rescission Guidance

In a recent unanimous decision, the United States Supreme Court held that a borrower exercising her right to rescind a mortgage loan under the Truth in Lending Act (“TILA”) merely had to provide written notice of rescission...more

Measures to improve energy performance of non-domestic buildings: Scottish implementation timetable announced

Following recent consultation, the Scottish Government has confirmed the timetable for the publication and implementation of regulations to be made under section 63 of the Climate Change (Scotland) Act 2009....more

Scottish Property Transactions Tax - March 2015

Scottish Parliament approves LBTT rates and bands - The rates and bands for the new Scottish property transactions tax known as the Land and Buildings Transaction Tax ("LBTT") have been formally approved by the Scottish...more

Vendor Due Diligence Reports: Reducing Transaction Costs Through Seller-Controlled Diligence

Due diligence for a prospective merger or acquisition typically involves the buyer’s review of documents provided by the seller and interviews with the target company’s management. ...more

A New Look at Implied Warranties for Used Goods

Recently, the Supreme Court of Texas examined whether a buyer of used goods may assert claims based on the implied warranty of merchantability. See MAN Engine & Components, Inc. v. Shows, 434 S.W.3d 132 (Tex. 2014). ...more

Newly Amended Dual Agency Disclosure Law: Much Ado About Nothing

As of January 1, 2015, the duty of a real estate agent to disclose in writing his or her representation of a buyer, seller, tenant and/or landlord, including any dual agency relationship, in residential real property...more

Selling or Buying a Home? You Should Understand Pennsylvania’s Real Estate Seller’s Disclosure Law

When buyers encounter problems with a recently purchased house, understanding the rights and obligations imposed by Pennsylvania’s Real Estate Sellers Disclosure Law (“Disclosure Law”) can be critical. The Disclosure Law...more

Asset Purchase: Initial Considerations

A recent post discussed a few generalities on stock purchases and asset purchases. In a basic sense, the characteristics of a stock purchase and of an asset purchase will guide the parties in the earliest stages of...more

Pennsylvania Supreme Court Rules Only Original Purchasers May Recover Damages for Breach of the Builder’s Implied Warranty of...

The Pennsylvania Supreme Court ruled that a builder’s implied warranty of habitability extends only to the initial buyer of a home, and not to subsequent purchasers. In Conway v. The Cutler Group, Inc., the Court reversed an...more

Analysis of Recent Trends in Warranty Insurance in Private Equity M&A Transactions

Although Warranty Insurance in M&A transactions was a novelty product five to ten years ago, Warranty Insurance has now become an industry standard in Europe, largely thanks to its wide use by private equity firms who have...more

Mum’s the Word: New York’s Highest Court Maintains Anonymity in Auction Sales

In late 2012, we reported on a New York Appellate Division order that sent shockwaves and fear of instability through the auction house world. Late last month, the New York Court Appeals issued its opinion in the case of...more

The Benefit/Burden Principle - How a Buyer of Land Could Be Required to Perform Positive Covenants Without Having Expressly Agreed...

The recent case of Goodman and others v Elwood (2013) in the Court of Appeal shows that, where a buyer acquires the benefit of a right over neighbouring land, the buyer must also take on the obligations which relate to that...more

CASE NOTE UPDATE: Firodi Shipping Limited v Griffon Shipping LLC [2013] EWCA Civ 1567

On 10 December, The Court of Appeal upheld the judgment of Mr Justice Teare in Griffon Shipping LLC v Firodi Shipping Limited [2013] 1 Lloyd’s Rep 50, a matter involving a seller’s remedy in the event of non-payment of the...more

Chancery Court Takes Firm Stance On Seller’s Pre-Closing Privileged Communication

A recent Delaware Chancery Court opinion highlights the risk to sellers and their advisors that pre-closing communications could become evidence in a post-closing lawsuit related to the transaction. The opinion, Great Hill...more

Delaware Court Confirms High Bar To Escape Deal

Two recent Delaware Chancery Court opinions, issued on October 25 and November 9, 2013, illustrate the high bar that buyers and sellers must clear to escape an unfavorable deal or obtain a court order requiring a deal to...more

Asset vs. Stock Sales 101: The Very Basics

The purchase and sale of a business can be a daunting task; it often involves many unfamiliar issues, even to an experienced business owner or a potential buyer. One issue that is important to address early on is what, in...more

Sign those Real Estate Agreements!

The Statute of Frauds is a BIG deal in real estate transactions and litigation. (This is our second post about it already…)....more

Middle-Market Will Benefit Florida, The Nation’s Most Innovative State

Middle-market M&A had a great fourth quarter in 2012. Dealmakers were busy closing deals ahead of the then-anticipated increase in taxes. While the first quarter of 2013 has been relatively less active as compared to the end...more

Delaware Court Provides Critical Guidance as to the Commercial Reasonableness of a UCC Article 9 Foreclosure Sale

Secured lenders often resort to non-judicial foreclosure sales of personal property upon a borrower’s default. Article 9, Part 6 of the Uniform Commercial Code requires that every aspect of such a sale must be commercially...more

AB 32 Update: Summary of the Basics of Transacting in Offsets Under AB 32

This Client Alert serves as an executive summary for a supplementary white paper, The Basics of Transacting in Offsets under AB 32, and will assist clients in addressing offset transaction risks. The white paper offers an...more

Buyer Beware of Successor Liability For FLSA Claims

Businesses often acquire other businesses through an asset purchase, rather than a stock purchase, so that the buyer does not inherit the liabilities of the seller. Not all business owners realize that federal labor law...more

Real Estate Law Alert - Court Dismisses "Buyer's Remorse" Claim and Awards Developer $577,000 in Attorneys' Fees

Back in Autumn, 2010, we wrote that purchasers of condominium units in the New York metropolitan area were invoking the Interstate Land Sales Full Disclosure Act, 15 U.S.C. §§1701-20 (ILSA), to cancel their agreements to...more

Emptores Caveant! Buyer Liability In Securities Offerings

Much of the focus of securities litigation is on the liability of sellers, but what about buyers? Can buyers prevaricate with impunity?...more

Legal Fallout From CRE Bust Continues

While recovery is well underway, some commercial real estate industry players are still feeling the recession’s after-shocks through litigation in the courtroom. A recent representative high-profile case is Lennar...more

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