SALE OF LAND - Agreement of purchase and sale - Breach of - Express term - Damages

Law360 Canada (January 24, 2023, 6:31 AM EST) -- Motion for summary judgment by the Plaintiff. The Plaintiff was seeking a determination that the Agreement of Purchase and Sale (APS) was terminated by the Defendants’ breach and that the deposits paid by the Defendants were forfeited to the Plaintiff. This matter concerned a real estate transaction that failed to close. The Plaintiff was in the process of building new homes. It entered into the APS with the Defendants with a purchase price of $776,400. The Defendants paid a deposit in the total amount of $50,000 in three instalments. The parties agreed as to the existence and contractual nature of the APS. The parties agreed to a final closing date. On that day, the Defendants failed to provide the funds and documents to uphold their end of the contract. The Plaintiff advised the Defendants that because of the Defendants’ default, the APS was terminated, and their deposit was forfeited to the Plaintiff....
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