Miller v. Almquist

Neighboring apartment owners entered a contract for the plaintiff-buyers to purchase the defendant-sellers' cooperative unit, with a closing date of April 1, 1997 that did not state time was of the essence; when the buyers' lender needed extra time to clear documentation, the buyers sought and received an adjournment to April 16, with the sellers' attorney agreeing but declaring that time was now of the essence for the new date. Just before the new closing, the lender demanded further documentation, delaying closing again to April 18; the buyers requested another short adjournment and offered daily compensation, but when they did not appear on April 16, the sellers declared default and kept the deposit, ultimately refusing the buyers' later attempt to close on April 23 even though the buyers appeared then with full payment and documentation. The buyers sued to enjoin the sellers from keeping the deposit and reselling the unit, and the trial court granted the sellers summary judgment.