Pillar Development, Inc. v. Fuqua Construction Co.

ANDREWS, Presiding Judge.

Pillar Development, Inc. (Pillar) entered into an agreement to sell 81 residential subdivision lots to Fuqua Construction Company, Inc. and Newman Homes, Inc. (jointly referred to as FCC/NH) for $90,000 per lot representing a total sales price of $7,290,000. After FCC/NH refused to close on the agreement, Pillar retained FCC/NH’s $150,000 earnest money deposit as liquidated damages pursuant to the agreement. FCC/NH sued Pillar and the escrow agent 1 seeking to recover the earnest money and claiming that its refusal to close was justified by Pillar’s breach of the…