FACT PATTERN

Mr. and Mrs. Pinkman, are the fee owners of a three story home located at 9809 Margo Avenue, SmallTown, Ontario. The Pinkmans love this home dearly, but they are hoping to retire in the coming year and the proceeds from this sale can help them make a comfortable nest egg to ease the transition into retirement. Over the last year, the Pinkmans have spent most of their life savings on extensive renovations to the home, in the hopes of gaining a higher purchase price. They believe the purchase price they set is reasonable, fair and in line with the current market.

After the home was on the market for three weeks, the Pinkmans' lawyer, Mr. Gardner, received a phone call from another lawyer, Mr. Goodman, stating that his client is interested in purchasing the property as soon as possible. Mr. Gardner informs Mr. Goodman that the house is listed at a purchase price of $875,000.00. Rather than go back and forth over the phone, Mr. Goodman requests to meet in person to see if they can come to some mutual agreement and negotiate a final deal. The Pinkmans are excited to meet with Mr. Goodman since they have not received any offers to date.

Please view the initial meeting here: https://www.youtube.com/watch?v=rArzMrhTxF8.

Following this initial meeting, the Pinkmans were outraged and insulted. They felt like they were being backed into a corner. Their son Jesse has once again caused a lot of mess! He is the one who converted the basement, not them. They have spent months fixing the damage he caused.

A few days passed and the Pinkmans cooled off, yet still they felt as though they had no choice but to engage with Mr. Goodman's client. On May 12, 2020, the Pinkmans direct their lawyer to send the following email to Mr. Goodman:

Dear Mr. Goodman:

My clients are willing to sell the property to your client for $400,000 ALL CASH and in AS IS condition, provided your client accepts this offer by delivering a certified check in the amount of $200,000 on or before May 14, 2020 to my office as a deposit. Once delivered, I can do all of the closing documents and we can set a closing date for the following week.

Best,

Mr. Gardner

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