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Lawrence Kamin, LLC > Our Results > Business & Corporate Services > Earnest Deposit Strategy Protects Real Estate Deal from Costly Default in Market Down-Turn

Earnest Deposit Strategy Protects Real Estate Deal from Costly Default in Market Down-Turn

SITUATION: Our client was in the process of developing a 48-story mixed-use high-rise building near downtown Chicago with retail on the first two floors and apartments above. While the project was still being constructed, a condominium developer approached our client to purchase and convert the residential units. With a gratuitous offer on the table,…

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