Homler v. Malas
Court of Appeals of Georgia
494 S.E.2d 18 (1997)
The Homlers (plaintiffs) contracted to sell their home to Malas (defendant) under a financing contingency requiring Malas to obtain a mortgage covering at least 30 years and 80% of the sale price, but the contract left blank both the interest rate and the monthly payment amount. When Malas did not secure financing, the Homlers sued for breach, alleging he failed to make a good-faith effort to satisfy the contingency; Malas argued the contract was too vague to enforce given the missing financing terms, and the trial court agreed, granting him summary judgment.
Whether the terms of a financing contingency in a real estate contract must be sufficiently identified for the contract to be enforceable.