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Measure of Damages for Breach of a Contract to Purchase Real Property
Suppose a buyer contracts to purchase a retail shopping center for $10 million, paying a deposit of $100,000. Two weeks later, the buyer has second thoughts, and informs the seller that it will not close on the sale contract, and that buyer is prepared to forfeit the deposit. The seller makes immediate efforts to resell the center, but within three months, the area's major employer announces the closing of its plant. A year later, the seller resells for $7 million. What damages may the seller recover from the original breaching buyer? In White v. Farrell, decided last month, the Court of Appeals suggested ' over the objection of two concurring judges ' that the answer might be zero. But because White v. Farrell itself did not present the stark facts suggested in the introductory hypothetical, some chance remains that the hypothetical seller could recover damages.
The White Case
The Farrells had built a second home in upstate New York, but decided to sell it when they considered a move to South Carolina. They listed the new home for sale in 2004, and their real estate agent showed it to the Whites on June 12, 2005. That same day, the Whites signed a contract to buy the house for $1,725,000 ' the asking price ' and paid a $25,000 deposit. The contract was initially subject to some contingencies, including a home inspection, but on June 22, four days after the inspection, the Whites' lawyer approved the contract and the parties executed an addendum removing all contingencies in exchange for the Farrells' agreement to complete several enumerated tasks and to provide a $10,000 credit for drainage work that was not yet complete.
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