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Property Keyed to Rabin
Holmes Development, LLC v. Cook
Facts
Cook Development (Defendant) and Premier Homes formed Lake Creek Farms (Farms) and Lake Creek Associates (Associates) for a development project. Defendant had previously purchased two parcels and conveyed the 323-acre parcel to Farms and the 73-acre parcel to Associates. When Defendant and Premier ended their relationship, the companies agreed to convey both parcels to Defendant by quitclaim deed, however, the deed conveying the 323-acre lot incorrectly identified Associates as the grantor instead of Farms. Farms was still managed by Premier. In May 1998, Defendant delivered a warranty deed to both parcels to Holmes Development, LLC (Plaintiff). That November, Premier sold the 323-acre parcel to Keystone Development, LLC (Keystone). Keystone sued to quiet title and recorded a lispendens against the parcel. Keystone’s claim was defeated.Nevertheless, the lispendens prevented Plaintiff from selling any lots within the 323-acre parcel during the prime selling season while continuing to pay the bank that financed Holmes’s purchase of the land.
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