At Sodagar & Company, we have worked with local and international clients including businesses and individuals as purchasers, vendors, landlords, tenants, builders, contractors, agents and insurers with respect to a wide variety of real estate related issues and disputes. Take a business-minded approach necessary to provide efficient and effective solutions with respect of any real estate issue or dispute.
Failure to Close
In a typical real estate purchases and sale, when the performance of an agreement of purchase and sale cannot be completed by a purchaser for example and the vendor is ready, willing and able to close on the closing date, the deposit will be forfeited and the vendor may pursue the
purchaser for any losses they sustain in having to re-sell the property, including any loss in sale price, carrying costs, closing costs, and legal fees. However, real estate agents holding deposits can only release them to either party on the consent of all parties, or by court order. Some purchasers may refuse to release the deposit, even after the time for closing has passed. In those cases, we have assisted vendors in bringing court proceedings to recover the balance. We have also assisted purchasers, where the vendor has been unable to close and the purchaser was ready willing and able to do so. In such cases, we have represented purchasers to claim damages for any losses in being unable to purchase the property.
At Sodagar & Company, we have assisted clients in disputes relating to misrepresentations in the agreement of purchase and sale that ranges from defects to the profitability of a particular project.
In order to consider and strategize the most appropriate course of action in obtaining the results and remedies available to you, it is important that you do not delay in obtaining legal advice. At Sodagar & Company, we can assist you to identify and seek to obtain the necessary relief and remedies required, including:
- Commencing Litigation
- Filing Certificates of Pending Litigation (“CPL”)
- Arbitration, Mediation and other Forms of Dispute Resolution
- Enforcement of Awards and Judgments Against Real Property, including foreign judgments
- Obtaining Preservation of Property Orders
- Obtaining Awards for Damages and/or Specific Performance
- Preparing and attending Trials