LaVALLEE v. Cataldo

The plaintiff made a deposit of $2,000 under an agreement to purchase from the defendant for $7,900 certain residential real estate. The agreement contained this provision: “It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase ... or to incur any penalty by forfeiture of . . . deposits . . . unless the seller has delivered to the purchaser a written statement issued by the Federal Housing Commissioner setting forth the appraised value of the property for mortgage insurance purposes of not less than…