Abraham Bachtiar and Lian Lai v. Giselle Leonardo
The Fourth DCA reversed a specific performance and damages judgment against sellers in a residential real estate contract dispute, holding that no enforceable oral modification or automatic extension existed because the buyer failed all three elements of the Okeechobee mutual-assent test and had not obtained final loan approval by the April 28 closing date. Because the buyer—not the sellers—was in default on the operative closing date, specific performance was unavailable.
Key facts
- On March 13, 2022, the parties executed an as-is Residential Contract for Sale and Purchase with a closing date of April 28, 2022, expressly stating time was of the essence and requiring written modifications.
- A revised appraisal reduced the property value the day before closing; on closing day the bank issued a counteroffer for a lower loan amount and required additional documentation, meaning the buyer was not 'clear to close' on April 28th.
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Holdings
- Under the Okeechobee three-part test, an oral modification to a written contract requiring written modifications is only enforceable if the proponent establishes: (1) mutual assent…
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Why it matters
This decision is essential reading for real estate practitioners and their lender clients. It clarifies the demanding standard required to prove an oral modification to a time-is-of-the-essence real estate contract and… — full analysis with a trial
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