Brand v. Nordgren

The plaintiffs (hereinafter together the purchasers) and the defendant (hereinafter the seller) entered into a contract for the sale of certain real property, which, inter alia, required the purchasers to tender a down payment to the seller in the sum of $86,000. The purchasers and the seller subsequently executed a side letter agreement, which recited that, with certain exceptions, $20,000 of the $86,000 down payment was nonrefundable. *924As is relevant to this appeal, one exception to the nonrefundability of this $20,000 was that, if the purchasers received an appraisal of the subject real…