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Mike Spence co-chairs the real estate practice group at Helsell Fetterman. A significant part of his practice involves advising buyers, sellers, property owners and brokers all aspects of real estate including waterfront property issues.
Commercial property owners contemplating a refinance may find themselves being offered non-recourse financing through a loan that is being packaged as a Commercial Mortgage Backed Security (CMBS), otherwise known as a “securitized” loan. The financial terms are often attractive, as is the “non-recourse” feature.
A recent case from the Washington State Court of Appeals signals a strong return to the legal principle of caveat emptor – otherwise known as “buyer beware”. It’s important that real estate brokers understand the magnitude of the decision, whether they represent sellers or buyers.