This case involved a failed purchase/sale real estate transaction and a dispute over the down payment. Plaintiff buyers moved for summary judgment and the defendant sellers cross-moved for summary judgment dismissing the complaint. The court granted the sellers’ cross-motion to dismiss the complaint.

The buyers sought to purchase a condominium owned by the defendants. The parties had entered into a contract of sale (contract) on Jan. 26, 2017. The buyers had provided a $10,000 downpayment. The contract contained a mortgage contingency clause which provided that:

The obligations of Purchaser…are conditioned upon issuance on or before thirty (30) days from the date hereof (the “Commitment Date”) of a written commitment from an Institutional Lender pursuant to which such Institutional Lender agrees to make a loan other than a VA, FHA or other governmentally insured loan to Purchaser, at Purchaser’s sole cost and expense, of $800,000 or such lesser sum as Purchaser shall be willing to accept….

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]