Stocks v. Kennedy

This is an appeal from an action for the return of a deposit of $7,270.00 paid on the signing of a purchase and sale agreement. The plaintiffs-appellants (hereinafter the "Buyers”) contend that “reasonable efforts” were exercised to obtain financing and accordingly, under the terms of an agreement, demand the return of their deposit. The defendant-appellee (hereinafter the “Seller”) contends that the Buyers failed to exercise reasonable efforts to obtain financing.

The Trial Court held that: (1) the Buyers failed to make “a ‘good faith’ effort to obtain a first mortgage loan” and (2) “the…