Christine Taylor Co-Authors Article for Woodall’s Campground Magazine
A recognized leader in the outdoor hospitality industry and partner in the firm’s nationwide Retail and Hospitality practice group, Goldberg Segalla partner Christine E. Taylor co-authored an article titled “Understanding the Disclosure Process When Buying or Selling” that has been published in Woodall’s Campground Magazine.
As the title implies, the article serves as a best practice guide for current campground owners and potential buyers regarding the disclosure of certain property information during the process of a sale.
“As with everything that is ever asked of us – it is once again situationally dependent and state-dependent,” she says. “The safest plan of action tends to be that if you know, then they have to know.”
Christine urges close attention be paid to the representations, warranties, and due diligence provisions of the purchase and sale agreement, noting these sections will “help delineate what is on the buyer to figure out, and what is on you to disclose, even if otherwise your state law might not require disclosure.”
The article goes on to discuss factors such as ignorance – situations in which an owner was not aware of issues with the property before the completion of the sale.
“If anyone had been going in and out of that building over the last two years, they would have known it was an issue. But since you personally never saw it – do you have to disclose? Yes,” Christine says. “The general rule of thumb does not include only actual knowledge. It also includes things that a reasonable owner/operator should have known – like a leak in the wall. You aren’t allowed to bury your head in the sand and plead ignorance to avoid having to disclose things.”
Christine recommends owners thoroughly review their park for obvious deficiencies so they can be disclosed to the buyer.
“Brokers can help overcome a multitude of issues if you are transparent with them from the beginning and can bring particular buyers to the property based on this information,” she says. “At the very least, disclosing any known issues up front with your broker increases the probability that a purchase and sale agreement will actually successfully close.”
READ THE FULL ARTICLE HERE
MORE ABOUT GOLDBERG SEGALLA’S CHRISTINE E. TAYLOR:
A recognized leader in providing the outdoor hospitality industry with the full range of legal services necessary for the successful operation of their business, Christine offers deep, first-hand experience in outdoor hospitality, having grown up as a family operator handling guest services, facilities, recreation and marketing for a Yogi Bear’s Jellystone Park franchise and, later, for a Kampgrounds of America (KOA) franchise. Presently, she is part owner of a campground in Upstate New York, franchised as a KOA. She is a nationally regarded speaker and author on matters of critical importance to outdoor hospitality operators on topics such as “Guests Gone Wild: Mitigating Risks and Handling Long-Term Guests,” “Keeping Yourself Protected from a Legal Storm,” “Hospitality Law in the Glamping Space,” and “Violent Events and Legal Issues.”