Real Estate Litigation – Repudiation of a Contract – Contractual Interpretation
Our client sold development property to the Plaintiff which was being developed into building lots. The Plaintiff buyer sought to get out of the deal prior to closing, first on the basis of a breach of the Real Estate Development and Marketing Act (REDMA) and later claiming a condition precedent had not been fulfilled causing the contract to lapse. Our client accepted the repudiation and kept the deposit of $680,000.00. The Plaintiff sued for return of the deposit and, at a summary trial (view Reasons for Judgment on Summary Trial) we were successful in having the Plaintiff’s claim dismissed. The Plaintiff appealed and we were successful in having the appeal dismissed and confirming our client’s entitlement to keep the deposit with costs throughout (view Reasons for Judgment dismissing the Appeal).