Madden v. Estin

This case grew out of the following sequence of events, which we draw from materials submitted on cross motions for summary judgment. Under a written purchase and sale agreement dated August 7, 1979, the plaintiff (Madden) agreed to buy from two trustees (hereafter Estin) residential property in Manchester, Massachusetts, for a price of $320,000. Madden paid .a $15,500 deposit. The agreement provided that time was of the essence and called for a closing date of September 12, 1979. There was a mortgage contingency clause which provided that if Madden could not obtain financing (after diligent…