Case updates
Jul 11, 2024
On July 4, 2024, the firm obtained an award of more than $350,000 against purchasers who backed out of a home purchase. In Mandl v. Fong, 2023 BCSC 1190, the defendant purchasers were found liable for the difference between the price the purchasers originally agreed to pay and the eventual sale price, plus other expenses.
The decision provides that in a falling real estate market, defaulting purchasers can be held liable not just for the difference between the contract price and the eventual sale price, but other incidental costs as well, including legal fees, utilities, property taxes, and mortgage payments.
The defendant purchasers were unsuccessful in arguing that the plaintiff seller failed to mitigate his losses and should have either renegotiated the terms of the contract with the defendants or held onto the property until the market corrected. Further details on the decision were reported by the National Post here.
Lauren Nykolaychuk appeared as counsel in the matter.