Can a party in a commercial real estate transaction aborts the closing of the transaction and forfeits the deposit?
British Columbia, Canada
The following excerpt is from Gurdev Holdings Ltd. v. Schmidt, 2009 BCSC 551 (CanLII):
…Where covenants are mutually dependent and are expected to be carried out contemporaneously, neither party need actually perform their obligations unless the other side shows its ability or willingness to perform its part of the bargain. See Burtini v. Solilj (1975), 1975 CanLII 1031 (BC SC), 61 D.L.R. (3rd) 505. A party failing to forge a link in the circuitous chain of closing a transaction such as here aborts the closing and forfeits the deposit.
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