Contained in As-Is Residential Contract

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Reference no: EM133812461

Question

Fact Pattern: A new client, Sally Piker, "Seller," retained our services because she received a Demand Letter from an attorney representing Peter Pepper, "Buyer," who threatened a lawsuit for failure to provide furniture as outlined in the As-Is Residential Contract. On November 29, 2021, Sally Piker, the Buyer, entered into an As-Is Residential Contract to purchase property located at 239 Charger Lane, St. Petersburg, FL 33712. The As-Is Residential Contract outlined that the sale of the home shall include the furniture located in the living room of the home. The real-estate closing took place on December 30, 2022, and the Buyer had an opportunity to conduct a final "walk-through." A walk-through is the final milestone before closing. A buyer visually inspects the property to ensure what they are buying is substantially the same condition as when they first saw it and check on the completion of any negotiated repairs or replacements agreed upon.

When the Buyer conducted the walk-through, he noticed a cherry wood antique bookshelf between the living room and dining room. The Buyer particularly remembers it because it is a rare, authentic bookshelf dated the late 1800s. When the Buyer took possession of the home, the Buyer immediately realized that the bookshelf had been removed from the residence and contacted his realtor to resolve the issue. The Seller does not want to part with the bookshelf because it was a family heirloom. The Buyer did not intend to part with it, either. However, it is unclear who is entitled to the bookshelf because the location is partially in the living room.

1. According to the terms mentioned above contained in the As-Is Residential Contract, do you think the Seller is in Default of the As-Is Residential Contract? If the Seller is in Default, what remedies is the Seller entitled to in a court of law?

2. According to the terms mentioned above contained in the As-Is Residential Contract, do you think the Buyer is in Default of the As-Is Residential Contract? If the Buyer is in Default, what remedies are the Buyer entitled to in a court of law?

Reference no: EM133812461

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