Heavy financial loss incurred due to bid.
In the upmarket ski resort town of Saint-Sauveur, a stunning property with breathtaking views of the ski slopes has made headlines recently. The property, initially listed for sale by a realtor at $2.5 million in January 2020, was sold to a roofer and his partner for $1.5 million during the pandemic. However, a recent court ruling has seen the original buyers ordered to pay $425,000 to the sellers, along with additional damages and legal fees.
The buyers, who made an offer of $2.35 million in January 2020, had requested a price reduction and an additional delay due to the economic situation. However, their agent informed the sellers on April 2, 2020, that the buyers would not honour their contractual obligations, even if all conditions were met.
The government's order to close the construction sector for an indefinite period towards the end of March 2020 may have played a role in the buyers' decision. The sellers, who were eager to offload the property, had agreed to a private loan of $950,000 to help the buyers close the financing.
The sale was scheduled with the notary for April 8, 2020, but the buyers asked for more time. The sellers, having already purchased a luxurious condo and with the husband of the sellers having health problems, did not want to maintain the property for another winter.
Despite the buyers' claims of the pandemic as a reason to cancel or renegotiate the agreement, the judge deemed this conduct wrongful and unfair. The judge also wrote that the sellers' mismanagement contributed to the financial loss. However, the judge believed the seller could have accepted a certain loss on the resale given the economic uncertainties at the beginning of the pandemic.
The court ruling marks a significant victory for the sellers, who will receive $425,000, half of the amount claimed, plus $50,000 in moral damages and legal fees. The property, currently listed for sale at $3.7 million, remains a sought-after gem in the Saint-Sauveur real estate market.
The identity of the buyer who eventually purchased the property during the pandemic remains undisclosed, but it is clear that they made an excellent deal under the circumstances. The sellers, on the other hand, will have to bear the financial loss from the initial sale and the legal costs incurred in the court battle.
Read also:
- Potential Consequences of Dismantling FEMA Vary Across States
- Railway line in Bavaria threatened by unstable slope - extensive construction site at risk
- Wind Farm Controversy on the Boundary of Laois and Kilkenny
- Puerto Rico's Climate Lawfare Campaign experiences another setback with the dismissal of its deals.
