Glassman v. Gerstein

In an action by a purchaser to recover a deposit paid under a contract to purchase a parcel of real property, the defendant seller appeals from a judgment in favor of the purchaser, entered after trial before the court without a jury. The contract provided, inter alia, that the purchaser shall apply to “ a lending institution” for a mortgage on stated terms, and that the contract shall be deemed cancelled in the event the purchaser is unable to obtain “such a mortgage”. Following formal notification that a bank had rejected the purchaser’s application, the seller offered a written commitment…