Real Estate Law & Litigation pkori
Sean Larjani and his team provide a full range of commercial and residential real estate services. Here are some representative examples of their work.
Court application, negotiations result in favourable settlement
In addition to acting on commercial and residential real estate transactions, Sean has acted on numerous multi-million-dollar development deals and land assemblies.
In one such deal, Sean acted for a purchaser of vacant land with site plan approval for 20 townhouses. The vendor believed that it had sold below market value and was suffering from buyer’s remorse. It refused to close the deal.
Sean, working together with litigation counsel, registered a Certificate of Pending Litigation on title and brought an application in court for specific performance. The vendor arbitrarily elected to set a new closing date on short notice, hoping Sean’s client would default. Nevertheless, Sean and his client prepared for closing and were ready, willing, and able to close the transaction on the arbitrarily set closing date. Once again, the vendor refused to close.
Legal proceedings continued until a settlement favourable to Sean’s client was negotiated. The parties mutually agreed to a new closing date, and the deal finally closed.
Acting for purchaser/assignor in complex eight-party land assembly deal
In another multi-million-dollar transaction, Sean acted for a purchaser on a six-lot land-assembly deal which was assigned by his client to a third-party purchaser (assignee). The purchase and assignment transactions occurred on the same date, and each of the parties (the six vendors, the purchaser, and the assignee) were represented by their own independent lawyers.
Negotiating extensions of closing date so client could obtain financing
In another six-lot land-assembly purchase transaction, Sean’s purchaser clients had difficulty obtaining financing, as his clients had purchased the properties in question at approximately 30% above market value and, as a result, the appraisals conducted by various lenders were coming in at below the purchase price. Sean and his team were able to negotiate several extensions of the closing date for the client following which, after months of negotiations and with the assistance of Sean and his team, the purchaser was able to obtain financing and the transactions finally closed.
Action for damages results in favourable settlement for client
Sean Larjani and his team are fully prepared to undertake litigation in his clients’ interests if a dispute arises. For example, Sean was acting for a purchaser who was purchasing 19 lots in a land assembly. His clients had closed on two of the transactions and intended to assign the balance of the transactions to a third-party purchaser (assignee). All of the vendors were represented by their own independent solicitors and all the transactions were scheduled to close on the same day.
Unfortunately, the deal fell apart, and only the purchase of three of the lots was completed. Sean and his team ultimately negotiated settlements with 14 of the vendors and were able to protect the purchaser from a potential multi-million-dollar lawsuit.
Sean and his team also brought an action for damages against the assignee, which resulted in a favourable settlement for their client.