GALVESTON — A Binnacle, a Houston-based development company is facing a breach of contract claim over a commercial property sale.
Jerry D Thompson and Jeremy B. McCollum field a complaint June 22 in Galveston County District Court against Binnacle Development LLC alleging breach of contract.
According to the plaintiffs' complaint, Binnacle entered into a contract to purchase commercial property from them in March of 2021. They allege the contract called for a $25,000 earnest money deposit and a 30 day closing. They further allege that the contract also included an extension period and an additional $2,500 to be deposited with the title company which the defendant has failed to pay.
They claim the closing deadline on the property was June 30, 2021, and that Binnacle did not terminate the contract at the end of the feasibility period and did not close prior to the deadline. The plaintiffs allege they never waived the additional deposit and demanded Binnacle release the earnest money which Binnacle has refused to do. They claim Binnacle is in breach of the purchase contract.
The plaintiffs seek monetary relief, interest and all other just relief. They are represented by Frederick Fuhr of The Fuhr Law Firm in League City.
Galveston County District Court case number 23-CV-0969