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Contracts Keyed to Templin
Vockner v. Erickson
Citation:
712 P.2d 379 (Alaska 1986)Facts
In 1975, Leo Erickson, a 73-year-old woman, advertised a boarding house for sale. Bernd Vockner, a real estate agent, responded and ultimately negotiated to purchase Erickson’s twelve-unit apartment building instead for $250,000. The terms included a $10,000 down payment, assumption of a $90,000 deed of trust, and a second deed of trust for $153,365.46 at 8.5% interest with $500 monthly payments beginning in August 1976. Erickson later became dissatisfied with the agreement, realizing the monthly payments wouldn’t even cover accruing interest. When she attempted to back out, Vockner sued for specific performance. During closing preparation, Vockner’s attorney added a 30-year term (not in the original agreement) that would result in a $311,000 balloon payment when Erickson would be 103 years old. Vockner resold the property within 3-4 months for $290,000. Four-and-a-half years later, Erickson sought reformation of the contract.
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