Deposit not returned after property deal falls through

Massachusetts Lawyers Weekly

Factuality

Ownership

Deposit not returned after property deal falls through

The plaintiff agreed to purchase commercial property on Tremont Street in Boston from the defendants for $9.55 million. The property is a HUD-subsidized housing project that requires an approved manager. The buyer was not approved by HUD, but the seller’s management company agreed to provide management services for up to five years, at an agreed-upon price, until the buyer obtained approval. The buyer provided a $1 million deposit.