Proctor v. Holden
Maryland Court of Special Appeals
540 A.2d 133 (1988)
Relevant factsFree
The Holdens (plaintiffs) had already applied for a mortgage with one lender before signing a contract to buy the Proctors' (defendants) home, which required a financing application within five days of execution; that application was denied shortly after signing, a second lender also denied them, and when the Holdens declined the Proctors' offer of seller financing and instead sought return of their deposit, the Proctors refused, leading to a jury verdict for the Holdens.
IssueFree
Whether a financing application initiated prior to the execution of a real estate contract satisfies the contract's requirement to apply for financing within a fixed time period.