- 6 -
a deposit to the seller's real estate agent, Frank Dibble, in the
amount of $1,000. Petitioner's obligation under the agreement
was contingent upon an inspection of the subject property and
approval of financing. If petitioner could not obtain financing,
the agreement required petitioner to notify the seller within a
specified period of time.
After petitioner signed the purchase and sale agreement, the
property in question was inspected, revealing that the dwelling
had been damaged by termites. As a result, petitioner could not
obtain financing. Nevertheless, petitioner wanted to buy the
property, and he renegotiated a purchase price in the amount of
$67,000, again contingent upon approval of financing. On three
occasions, the seller agreed with petitioner to extend the
deadline for obtaining financing, while petitioner sought to
obtain a lender. Sometime in early 1993, petitioner had not
obtained financing, and he failed to notify the seller within the
notification period specified in their amended agreement.
Petitioner was then informed that because the time for notifying
the seller had lapsed, the $1,000 deposit could not be refunded.
Petitioner did not believe that he was entitled to a return
of the deposit. Accordingly, petitioner did not institute legal
action against either Mr. Dibble or the seller. Petitioner
3(...continued)
Kostochko's relationship with petitioner with respect to this
transaction.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011