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Court Denies Developer’s Attempt to Terminate Pre-Construction Condo Purchase Agreement

Author: 
Denise Lash
Publication date:
May 1, 2018
Article Summary: 

A court has granted a specific performance order to purchasers of a unit in a pre-construction agreement after the developer attempted to unilaterally terminate the agreement due to construction delays. The agreement, which was amended by an addendum, specified that the developer did not have the right to unilaterally terminate the agreement. The court rejected the developer's argument that the agreement was no longer valid due to delays beyond its control and changes in the floor plan. The purchasers were able to purchase the unit at the price they had originally negotiated. However, other purchasers of pre-construction condos have not been as fortunate, with reports of developers cancelling projects and terminating all agreements of purchase and sale.



Keywords: 

court, specific performance, pre-construction agreement, developer, termination, construction delays, addendum, unilateral termination, frustration, unique unit, real estate prices, condominium projects, purchase agreements.



Source Citation: 
Denise Lash
Court Denies Developer’s Attempt to Terminate Pre-Construction Condo Purchase Agreement
May 1, 2018
https://www.lashcondolaw.com/court-denies-developers-attempt-to-terminate-pre-construction-condo-purchase-agreement/
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