Anthony P. DeMichele successfully defended the buyers in a failed residential real estate transaction. The buyers and sellers entered into a residential real estate agreement of sale. Problems arose at the closing, and as a result, the closing on the property failed to occur. As part of the agreement of sale, deposit monies were placed in escrow, which were to be used toward the purchase of the property if there was a successful closing. Since there was not a successful closing, the sellers argued that an addendum to the agreement of sale permitted them to receive the deposit monies as liquidated damages. Mr. DeMichele argued that the addendum did not have the effect as represented by the sellers and that the sellers were not entitled to the deposit monies based upon the language of the addendum. Mr. DeMichele also argued that the unreasonableness of the sellers in not completing a successful closing warranted the return of the deposit monies to the buyers. The arbitration panel agreed with Mr. DeMichele and awarded the return of all deposit monies to the buyers.
