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Six-in-One Closing

A master-planned community fell on hard times when the economy collapsed, leaving multiple property sites without builders and a residential development with a half-dozen undeveloped lots in it. A Quarles & Brady client bought half of the property in order to quickly sell it at a profit, while the foreclosing lender bought the other half, but there remained the challenge of lining up purchasers for each of the lots for new home construction. We needed to pull the two owners together in order to sell the properties, after which six buyers were found. Adding a layer of complexity to the transaction, we had to close all six deals at the same time, as none of the buyers would agree to the purchases unless all of the others agreed as well. Happily, we were able to keep all the balls in the air at the same time and close the deal, to everyone’s satisfaction.