By in Business PHX
Five Star Development announced that the U.S. Bankruptcy Court for the Southern District of Texas has entered a Final Villa Sales Order confirming clean, insurable title and full buyer protections for Villa sales at The Ritz-Carlton, Paradise Valley, The Palmeraie.
The Court’s Order establishes a clear, Court-approved framework for Villa closings and provides certainty to buyers, lenders, and title insurers that Villa transactions may close as scheduled, with finality, and without risk of later challenge.
Villa closings may now proceed without interference from any lienholder, with all liens, including mechanics’ liens- attaching solely to net sale proceeds rather than the Villas themselves. The order grants federal “good-faith purchaser” protections, ensuring completed transactions cannot be unwound even in the event of an appeal, while authorizing title insurers to issue clean, fully insurable title with confidence. Proceeds from each sale will be held in a court-supervised escrow, preserving value and providing certainty for buyers, lenders, and all parties involved.
