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Contracts Keyed to Epstein
Luttinger v. Rosen
Citation:
164 Conn. 45, 316 A.2d 757 (1972)Facts
The plaintiffs contracted to purchase for $85,000 premises in the city of Stamford owned by the defendants and paid a deposit of $8,500. The contract was subject to and conditional upon the buyers obtaining first mortgage financing on said premises from a bank or other leading institution in an amount of $45,000 for a term of not less than 20 years and at an interest rate which does not exceed 8 1/2 per cent per annum. In applying for a mortgage which would satisfy the contingency clause in the contract, the plaintiffs relied on their attorney who applied at a New Haven lending institution for a $45,000 loan at 8 1/4 percent per annum interest. This commitment failed to meet the contract requirement and the defendant brought an action.
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