2 Old, LLC v. Mayer

Where a contract for the sale of real property contains a mortgage contingency clause, “[a]s long as purchasers exert a genuine effort to secure mortgage financing and act in good faith, they are entitled to recover their down payment if the mortgage is not in fact approved through no fault of their own” *912(Sciales v Foulke, 217 AD2d 693, 694 [1995]; see Companion v Touchstone, 88 NY2d 1043, 1045 [1996]). The subject mortgage contingency clauses required that the plaintiffs seek “conventional mortgage[s],” and the plaintiffs did not establish, as a matter of law, that it would be impossible for…