The Plaintiffs, vendors in an aborted residential real estate sale, moved for summary judgment against the Defendants, purchasers who failed to close the transaction.
The purchasers sought an abatement or extension due to a decrease in appraised value and financing issues, which the vendors refused.
The vendors subsequently re-sold the property at a lower price and claimed damages.
The court granted summary judgment to the Plaintiffs, finding the Defendants had repudiated the Agreement of Purchase and Sale and that the Plaintiffs had made reasonable efforts to mitigate their losses.
Damages were awarded, including the loss on resale, interest on a bridge loan, and legal fees, with the deposit to be applied against the total.
A motion to amend the style of cause to correct a defendant's name was also granted.