Bryant v. Willison Real Estate Co.

350 S.E.2d 748 (1986)

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Nature of the Case

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Facts

Ps entered into a contract to purchase the O.J. Morrison Building in Clarksburg for $175,000. As per the contract, they paid $10,000 to the Willison Real Estate Company, the agent for the vendors, at the time the contract was signed. The balance was to be paid on delivery of the deed. No date was set for closing. Before delivery of the deed, a water line broke and water ran through the building and into two adjoining businesses. Ps were informed that the remodeling of the building would be delayed as much as 6 weeks by the water damage. Ps asked that the vendors correct the water damage or to permit the contract to be rescinded. The vendors declined and sold the building to others for $140,000. Ps then sued to rescind and the return of their down payment. The trial court ruled that Ps must bear the risk of loss both to the building and to the adjoining properties. Ps appealed; the sales contract placed the risk of loss on the vendors and the trial court placed too much undue reliance on the doctrine of equitable conversion.