We represented a retired professional who had amassed several office building holdings during his career. Our client ended up selling the properties under an owner financing arrangement which is disfavored and generally only leads to problems.
Soon after the transaction occurred, the buyer defaulted, and our client sought us out for advice and direction. We analyzed the transaction documents and other relevant information since the transaction occurred. The challenge was that the buyer had title to the properties, but our client was not getting paid and was not in control of the properties. In addition, the prior transaction was complex and had multi-layered documents.
Litigation was commenced in several counties. After discovery and mediation, we were able to resolve the cases by a very detailed settlement agreement that vested title in the properties back in our client’s name but still allowed the buyer to purchase them at a later date.
