Felder v. Terry

SCHOTT, Judge.

On November 17, 1975, plaintiff agreed to purchase real estate from defendants for $42,000 cash, the sale to be passed on or before March 30,1976. The agreement was conditioned upon the ability of the purchaser to make a mortgage loan on the property in the amount of $33,600 according to certain terms. It then provided:

“Should the loan stipulated above be unobtainable by the purchaser, seller or agent within 90 days from date of acceptance hereof, this contract shall then be*245come null and void, and the agent is hereby authorized to return the purchaser’s deposit in full.”1

In…