Bourland, Heflin, Alvarez, Minor & Matthews, PLC v. Rodney Heaton and Margaret Heaton and Loeb Properties

OPINION

ALAN E. HIGHERS, P.J., W.S.,

delivered the opinion of the Court,

in which DAVID R. FARMER, J., and J. STEVEN STAFFORD, J., joined.

The parties entered into a Contract for the sale and purchase of commercial real estate, and the purchaser deposited $50,000.00 earnest money. The purchaser terminated the Contract, citing the economic downturn and the purchaser’s resulting inability to secure retail tenants for its planned development. The parties disputed whether such termination was appropriate under the Contract, and thus, whether the purchaser was entitled to a return of its earnest…