Murray v. Barrett

Pope, Senior Appellate Judge.

On March 8, 1999, Philip Murray and Paul T. and Timothy N. Barrett entered into a Purchase and Sale Agreement regarding a parcel of land owned by Murray in Marietta. The purchase price for the property was $220,000, and in accordance with the agreement the Barretts paid $10,000 in earnest money. The agreement provided that purchase of the property was expressly contingent upon it being appraised at a fair market value “of at least the Purchase Price.”

In May 1999, an appraisal conducted on the property indicated that the property had a value of $152,000, nearly…