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Contracts Keyed to Dawson
Addie v. Kjaer
Citation:
737 F.3d 854.Facts
Sellers agreed to sell two properties in the Virgin Islands: Estate Great St. James and Estate Nazareth to Buyers for $21 million and $2.5 million, respectively. The parties entered into three agreements relating to the sale: two Contracts for Sale and an Escrow Agreement. Premier Title Company, Inc served as an escrow agent and was a party to the Escrow Agreement. Kevin D’Amour was the sole owner of Premier and was also the Sellers’ attorney-in-fact. Pursuant to the Contracts for Sale, a $1 million escrow deposit was due upon execution and closing was to occur sixty days following execution of the Contracts for Sale, but could be extended thirty days if an additional $500,000 was paid into escrow. In turn, Sellers were to deliver Clear and Marketable title and assignment of all necessary permits and licenses to the Buyers. The contracts were signed by the parties on June 4 and June 15, 2004. (Buyer) Taylor funded the $1 million deposit. D’Amour delivered several escrow documents to Buyers and on August 3, 2004 (Buyer) Perez authorized D’Amour to release the deposit to the Seller. Taylor then funded another $500,000 deposit to extend the closing date. D’Amour released this deposit to Sellers as well, however, without written confirmation from Buyers. The parties agreed to extend the closing date a second time to September 14, 2004. However, by September 14, Buyers had not paid the remainder of the purchase price and Sellers had not delivered the Clear and Marketable titles or other conforming documents. On September 16, D’Amour sent a ten-day notice to cure and on September 22 and 23 the Buyers requested that their deposit be returned because Sellers were unable to deliver Clear and Marketable title.
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