Former delegate named in multi-million dollar suit

By Cara Bailey | Apr 23, 2007


MARTINSBURG - A former state delegate was named as a defendant in a nearly $2 million Berkeley County lawsuit.

Homecroft Development Corporation, a Delaware corporation, is suing Larry Faircloth, a Realtor and a former delegate for the 53rd district, for more than $1.5 million. The lawsuit was filed March 30 in Berkeley Circuit Court.

In a seven-count suit, Homecroft Development claims Faircloth agreed to sell property to the company but defrauded them in the process.

A deposit of $250,000 was used as an escrow on Dec. 8, 2005. The money was refundable until all the conditions of the offer were met.

According to the suit, on July 6, 2006, all of the conditions were not met, but Faircloth requested the $250,000 be released early, because he was short of money to fulfill his financial obligations.

The money was nonrefundable, the suit says. On Jan. 23, 2007, the suit claims that Faircloth wrongfully demanded Homecroft go into closing prior to fulfilling his obligations under the contract.

The suit says Faircloth was grossly negligent in carrying out his obligations as a real estate agent. As a result of his negligence, Homecroft, through attorney Braun A. Hamstead, seeks damages, including consequential damages not less that $300,000 and punitive damages not less that $1,500,000.

The case has been assigned to Judge Christopher Wilkes.

Berkeley Circuit Court case number 07-C-265

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