This case involved a dispute over a commercial condominium Agreement of Purchase and Sale.
The Purchaser failed to close on the fixed date, requesting extensions which the Vendor refused.
The Purchaser sued for specific performance and relief from forfeiture, moving for a certificate of pending litigation.
The Vendor sued for a declaration that the agreement was terminated and forfeiture of deposits, moving for summary judgment.
The court dismissed the Purchaser's action and motion, granting the Vendor's summary judgment.
It held that the duty of good faith in a discreet real estate transaction does not override strict contractual terms regarding closing dates.
The court ordered forfeiture of the $40,000 in deposits but ordered the return of $31,999.50 paid on account of interim closing funds, distinguishing between true deposits and payments on account.