The Rosseau Group Inc. Rosseau was a real estate developer. Rosseau entered into an agreement of purchase and sale with 2528061 Ontario Inc. to buy land for development purposes. Once the land had been rezoned and subdivided, Rosseau planned to sell the serviced lots. At trial, it was estimated that Rosseau would make a profit of around C$10 million to C$12 million dollars from the sale of the serviced lots. The vendor failed to close, and the land had gone up in value since the agreement of purchase and sale was signed.
Unwritten Real Estate Contracts: Part Performance and Enforceability - A recent case in Ontario highlights the legal significance of part performance in real estate contracts. Learn how oral agreements can be enforced, even without a written contract, and how courts assess specific performance remedies. Buyers and sellers must exercise caution before entering into land transactions without formal contracts. Get insights from our Commercial Real Estate group. Contact us with any inquiries.