Posted in on May 15, 2019
Commercial Litigation Partner, Jennifer Hurley McGay, recently prevailed in the Appellate Division, First Department, on an appeal of summary judgment dismissing a buyers’ claims for the return of their down payment relating to the purchase of residential property in Manhattan. The plaintiff/appellant argued that the trial court erred in granting summary judgment in favor of our client, the seller because the buyers obtained a mortgage commitment in accordance with the sales contract which was only revoked by the lender due to issues with the property that were beyond their control. Jennifer argued that the buyers had obtained only a conditional mortgage approval which did not comply with the contract and thus forfeited their down payment. The First Department agreed and unanimously affirmed the trial court’s decision.