The Applicants, purchasers of a condominium unit, sought a declaration that they validly terminated their Agreement of Purchase and Sale and were entitled to the return of their $54,449.90 deposit.
They argued termination based on a clause in the Occupancy License, the vendor's failure to invoke a statutory provision, or entitlement to relief from forfeiture.
The court found that the termination clause required mutual consent, which was not obtained.
It also determined that the vendor was not obligated to invoke the statutory provision and, in any event, could not have done so.
While acknowledging the deposit was disproportionate to the vendor's damages given the property's resale at a significant profit, the court denied relief from forfeiture, finding no unconscionability due to the parties' sophistication, legal advice, and the purchasers' clear intent not to close the transaction.
The Applicants' request was dismissed.
