Stevenson Whelton Obtains Specific Performance in Entertainment District Real Estate Closing Dispute

  Published on March 11, 2019  

Stevenson Whelton LLP lawyers Ed Hiutin and Neil Wilson recently successfully obtained an order for specific performance on behalf of a purchaser in a failed real estate closing.  The lands at issue formed part of a proposed condominium development in Toronto's Entertainment District.  The Court held that although closing funds for the purchase were late, the vendor of the lands was not in a position to terminate the transaction as a result of its lack of good faith in dealing with an estoppel certificate required for closing.  The decision is significant for its discussion of the role of "time of the essence" and good faith in real estate transactions.  A copy of the decision, Fortress Carlyle Peter St. Inc. v. Ricki’s Construction and Painting Inc, 2019 ONSC 1507, can be found here.

 
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