Take into account the case study described below: A Client was interested in purchasing a luxury property. A property became available that matched their specifications 100% and an offer was prepared. The property was listed at 4.72M, a review of comparable property sales generated an appraisal value of 4.68M. The Client proceeded to make an offer of 4.68M, it was accepted. The Client proceeded, but later that week the Sellers Agent advised that there was a mistake, the Seller had sold the property to another Buyer. The Client engaged an Attorney who specialized in real-estate law. The Clients real-estate Attorney offered this legal overview: 1) Precedent dictates that because the other Buyers offer was accepted first (digital time stamp) that they would be awarded the property. 2) The Client would receive damages, calculated as the difference between the two offers. The other Buyer had offered 4.85M (a motivated cash Buyer) so the Client would receive 170k when a Judge ruled on the case. The next available court date was in March. 3) The Client should put a lean against the property to prevent more Seller actions. The Sellers Attorney threatened to sue the Client if they didnt remove the lean. After a research from the clients side, it was discovered that the Seller had accepted a position in another region (LinkedIn profile). Also, the Sellers wife posted on a public social media platform that she had anxiety disorder and hadnt slept in a week. It was likely that he didnt want to commute between cities, and she would apply pressure on her husband to settle quickly. Days later, the Sellers Attorney contacted the Client with an offer: 1) Agree to pay 4.85M 2) Accept a transfer of a solar lease (the Seller had forgotten to include that in the terms & conditions of the listing) 3) Allow them to take a fixture (fixtures are included in property sales)

You are the Client.

Question 1. Summary of Negotiation

Who are the participants in the negotiation? Mention their point of view. What is the reason for the negotiation? Explain your understanding. (250 words)