MIAMI—Another wave of litigation in the commercial real estate industry could soon arise. With that in mind, it's a good time to understand the legal landscape.

GlobeSt.com caught up with Jason Kellogg is a partner at Levine Kellogg Lehman Schneider + Grossman, to talk about rulings and acts that could impact possible litigation, as well as the impact of all-cash deals, in part two of this exclusive interview. You can still read part one: Is Condo Litigation Wave Looming?

GlobeSt.com: Are there any significant rulings or legislative acts that have been passed in recent years that could impact litigation, particularly in the areas of construction defect or HOA claims?

Kellogg: The State of Florida has adopted the federal standard for excluding expert witnesses, which some lawyers believe is a higher standard. This may drive up the costs of litigation and make construction litigation even more of a "battle of the experts" than it already is. Also, the state Legislature passed a new law that may limit the warranties provided to new buyers for offsite improvements like streets, driveways, drainage and even some condominium common elements.

GlobeSt.com: The majority of buyers today are foreign and involved in all-cash deals. This is a major departure from previous cycles where buyers were over-leveraged through a variety of financing vehicles. Do you think this will reduce the amount of contract disputes we will see—or raise them?

Kellogg: There is at least two ways to look at the impact of higher deposits. On the one hand, developers have less to borrow, theoretically making projects more secure and a bust less likely. However, if the market begins to weaken, those foreign buyers will have even greater incentive to sue the developers to escape their contracts and get their deposits back, simply because they have more money at stake.

GlobeSt.com: What advice do you give real estate clients looking to minimize exposure without sacrificing opportunities for investment?

Kellogg: It sounds simple, but do your homework. Research the developer's track record. Get a good explanation of the market and sales comparables from your realtor. Keep a close eye on the market by reading the local newspapers and blogs.  And before you sign that purchase agreement, give it to your lawyer. These small steps can save thousands in the long run.