Document Type

Case Summary

Publication Date

5-16-2013

Case Synopsis

This dispute arose out of a written option contract. Under the contract, respondent Naples Polaris (Naples) had the right to purchase Las Vegas real property from appellants Jack Galardi and Birdie, LLC (together, Galardi), for $8 million “cash.” The property was subject to a deed of trust securing approximately $1.3 million in debt. The issue was whether the option contract required Galardi to deliver clear title, or whether Naples would take title subject to the $1.3 million debt. Trade usage and industry custom were used to interpret the contract, even though it was unambiguous.

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