Austin v. Regency Realty Inc.

IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF ALABAMA SOUTHERN DIVISION BILL AUSTIN, et al., ) ) Plaintiffs, ) ) v. ) CIVIL CASE NO. 1:23-cv-184-ECM ) [WO] REGENCY REALTY, et al., ) ) Defendants. ) MEMORANDUM OPINION and ORDER I. INTRODUCTION This case arises from a contract for the sale of real property in Daleville, Alabama. In January 2023, Bill and Angie Austin (collectively “the Austins” or “the Plaintiffs”), both residents of Colorado, purchased the property with the intent of benefitting from a 1031 tax exchange.1 After discovering termites in the building, the Austins…