The applicants sought an order permitting them to set off amounts arising from a tenant's realty tax overpayment against a vendor take back loan owed by a related purchaser to the respondent vendor.
The court held that an email exchange between counsel constituted a binding waiver of all rights and remedies relating to the rent rolls and estoppel certificates for the North Bay property, including any right of set-off.
Although the decision reviewed the principles governing legal and equitable set-off, the motion failed on contractual waiver.
The motion was dismissed and costs were awarded to the respondents.
