Olster v. Paskow

BARKDULL, Chief Judge.

Some time prior to November, 1970 the parties hereto entered into an agreement to purchase a 110-unit apartment rental building, with the intention of converting it into a condominium apartment building. The contract of deposit called for $40,000.00, to which each party contributed $20,000.00, and required cash at closing of approximately $400,000.00. As the time of closing approached, it became apparent that the parties would be unable to obtain the necessary financing to close the purchase and convert the building to a condominium development.

The appellee was not able…