Kingsland Investment LLC v. Tanriverdi CA4/3
This case concerns the unconsummated sale of real property that fell through during escrow. Defendant Verdi Tanriverdi, as trustee of the Quartz Trust and Fireside Circle Trust, the seller, agreed to sell certain real property to plaintiff Kingsland Investment LLC, the buyer. As required by their agreement, plaintiff transferred an initial deposit of $52,140 to the escrow agent. Plaintiff later exercised its rights to cancel the purchase agreement and sought the return of its deposit. Defendant disagreed, arguing he was entitled to the deposit as liquidated damages because plaintiff could not cancel the agreement. Plaintiff then initiated the instant action, and defendant filed a cross-complaint. Both parties argued they were entitled to the deposit.
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