Bruyere v. Jade Realty Corp.

375 A.2d 600 (1977)

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Nature of the Case

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Facts

Ps, husband, and wife, deposited $ 1,000 with D in accordance with a purchase and sale agreement between the parties for a piece of residential real estate. The contract was 'subject to financing at 7 3/4 % for thirty (30) years.' The closing date was set for August 1, 1975. Ps applied for financing approval and got it. Marital problems between Ps at this time led them to decide to separate and file for divorce. Mrs. Bruyere proposed to the lender that she alone purchase the home and assume the financing terms outlined in the bank's previous letter of commitment. The bank declined, stating that one income would not suffice to carry the mortgage in question, and withdrew its financing commitment. Alternative financing could not be arranged, and the deal fell through. Ps sought the return of their deposit. Ps claimed they had not breached as the agreement was conditioned upon their receiving financing and that was not obtained. P got the verdict and D appealed.