Contracts Keyed to Farnsworth
Luttinger v. Rosen
Facts
The Plaintiffs agreed to buy the Defendants’ premises for $85,000 and paid an $8,500 deposit. The contract was “subject to and conditional upon the buyers obtaining first mortgage financing on said premises from a bank or other lending institution in an amount of $45,000 for a term of not less than twenty (20) years and at an interest rate which does not exceed 8 1/2 per cent per annum.” The Plaintiffs agreed to use due diligence in obtaining said financing. The parties also agreed that all sums would be refunded in the event the Plaintiffs could not obtain financing. The Plaintiffs’ attorney only attempted to obtain financing through one lending institution. He was familiar with the lending practices in the area at the time and knew that this institution was the only one that would possibly lend money within the contract parameters. The Plaintiffs were unable to obtain financing at the agreed-upon interest rate and the Defendants initiated this suit, averring a lack of due diligence on the Plaintiffs’ part in obtaining financing.
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