PHILADELPHIA – A Philadelphia real estate company is pursuing legal action against a Texas lending firm in state court for alleged breach of contract, in regards to a scrapped property sale.
KBH Associates of Philadelphia filed suit in the Philadelphia County Court of Common Pleas on Feb. 16 versus United Companies Lending, Leonard Davis and Tyrique Smith, all of Irving, Texas.
Per the litigation, on Aug. 22, 2017, defendants Davis and Smith, as authorized members of United Companies Lending, entered into a written agreement to sell subject properties to plaintiffs for a total of $6,500; a closing on the sale was due to take place on Feb. 15.
“At settlement on Feb. 15, 2018, defendants informed plaintiff that they would not be selling the property to plaintiff, and therefore breached the contract between the parties. Plaintiff has performed its obligations under the terms of the agreement in the manner specified therein,” the suit states.
“As a result of defendants’ breach of the agreement, on Feb. 15, 2018, plaintiff has been damaged. The damages suffered by plaintiff are not yet ascertained, but said damages exceed the jurisdictional minimum of this court, plus interest at the legal rate of 6 percent per annum from and after Feb. 15, 2018, and which sums will be provided at the time of trial.”
For breach of contract, the plaintiff is seeking damages for equitable relief in the form of specific performance of the contract between the parties, compensatory damages in an amount to be determined, court costs and attorney’s fees, as well as any damages the court finds to be right and just.
The plaintiff is represented by Joseph J. Console of Console Matison, in Philadelphia.
Philadelphia County Court of Common Pleas case 180201512
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at firstname.lastname@example.org