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SALE OF LAND - Agreement of purchase and sale - Conditions and warranties - Completion - Time for - Remedies - Forfeiture of deposit

Monday, February 13, 2017 @ 11:36 AM  

Appeal by Invecom Associates from a ruling that it forfeited a deposit under an agreement of purchase and sale with the respondent numbered companies. The appellant paid $400,000 to the respondents pursuant to an agreement to purchase three properties. The parties' agreement contained several conditions of closing in favour of the appellant, one of which was a deadline for waiver of conditions by written notice to the respondents, following which the conditions would be deemed satisfied and waived. An agreement extended the waiver date. On the...