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In fairness, the SJC did slash the attorneys’ fee award by 0,000, but with statutory interest accruing for several years now, the end result will likely be the same — the sellers are out a lot of cash.
Fortunately, these types of antics are very much the exception rather than the rule at Massachusetts closings.
Limiting Seller’s Financial Exposure To limit the seller’s out of pocket expenses to clear title defects, real estate attorneys representing the seller will often insert language such as this at the end of paragraph 10: Reasonable efforts shall be defined as the Seller’s expenditure of no more than $________, exclusive of all voluntary encumbrances which secure the payment of money which Seller shall be obligated to remove.
There is really no excuse for this type of unprofessional behavior at a closing, no matter how contentious the dispute.
If a party is going to elect to terminate a deal, go ahead and do it without the theatrics.
Repudiating the contract, the Prosky’s attorney informed KGM that it should calculate the liquidated damages provision in the contract because the sellers were not going to sell.
Closing Shenanigans A closing was nevertheless scheduled at which the Prosky’s attorney showed up with a professional videographer as “defense strategy.” The parties’ attorneys started yelling at each other, and KGM’s attorney shut off all electricity to the building, but the videographer was able to tape with battery power.
The sellers weren’t happy with this, so they appealed.