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….