Our client, the vendor of commercial property in an aborted real estate transaction, was sued by the purchaser for a return of the deposit that the purchaser had paid. The purchaser failed to close and alleged that our client failed to disclose information about the environmental state of the property.
The purchaser commenced a court action seeking return of the deposit. We filed a defence and commenced a counterclaim for damages suffered by our client as a result of the aborted transaction.
We were able to resolve the matter so that our client retained a greater portion of the deposit because of the purchaser’s default in failing to close the transaction without legal cause.