The vendor plaintiff brought a motion for summary judgment against the purchaser defendant for failing to close a real estate transaction.
The purchaser had entered into an agreement of purchase and sale for $1,755,000, later amended to $1,700,000, but was unable to obtain financing by the closing date.
The court found the purchaser committed an anticipatory breach by communicating inability to close, the vendor accepted the repudiation, and the agreement was terminated.
The vendor appropriately mitigated damages by reselling the property for $1,650,290.
Summary judgment was granted in favour of the vendor for damages of $78,906.49, with the purchaser's $70,000 deposit applied against that amount.