This case involves fraud and breach of contract relating to the sale of a large apartment building. During price negotiations, the client was led to believe that occupancy of the complex was higher than it was in reality. After the deal was completed, the rent rolls indicated that a number of leases were set to expire, however it was discovered that many of those tenants had already vacated the building. Were accurate representations made, the complex would have been classified as “distressed,” and the selling price would have been significantly less than the amount paid.
Question(s) For Expert Witness
1. Are you a licensed real estate broker with experience selling multi-family residential complexes?
2. Are you able to describe the impact of occupancy rates in the valuation process?
3. Do you have an understanding of the industry standard for disclosure of occupancy rate information before/during/post-closing?
4. Have you served as an expert on a case involving fraud or breach of contract over a real estate property?
Expert Witness Response E-007299
I am a licensed real estate broker and broker of record and own/operate my own full-service real estate brokerage firm. I am able to discuss the correlation of occupancy to value and I am familiar with what is typically requested and provided during the due diligence period. I have experience selling multifamily properties and would be happy to review this case.
About the author
Joseph O'Neill
Joe has extensive experience in online journalism and technical writing across a range of legal topics, including personal injury, meidcal malpractice, mass torts, consumer litigation, commercial litigation, and more. Joe spent close to six years working at Expert Institute, finishing up his role here as Director of Marketing. He has considerable knowledge across an array of legal topics pertaining to expert witnesses. Currently, Joe servces as Owner and Demand Generation Consultant at LightSail Consulting.
