Balata Development Corp. v. Reed

Mikell, Judge.

Balata Development Corporation (“Balata”) appeals the trial court’s ruling that Balata is not entitled to a refund of the earnest money it paid pursuant to a contract it executed with Jerry Reed to purchase Reed’s property. We reverse.

It is undisputed that the contract was prepared and printed by Balata. Section 2 of the contract, entitled “Earnest Money Deposit,” provides: “Buyer shall, simultaneously with its execution hereof, deposit with Seller the sum of Fifty Thousand ($50,000) AND NO/ 100 dollars as the Earnest Money Deposit hereunder. Such sum shall non refundable [sic]…