Margolis v. Joh and Furman

Prescott, C. J., delivered the opinion of the Court. The only questions involved in this appeal are two questions of fact: did the appellant fail to cooperate with the seller-appellee in his attempt to procure a mortgage, which was necessary to consummate a real estate sale; and (2), could the mortgage have been obtained even though appellant had cooperated ? In February 1964, appellant and appellee, Joh, entered into a contract of sale for a small apartment house in Baltimore ²¹⁷ City. (The other appellee is the real estate agent.) Time was of the essence.

The cogent provision of the contract in this appeal states “the seller is to obtain a first mortgage in the minimum amount of $30,000.” A mortgage in the minimum amount was not obtained and settlement was not held on the agreed upon date of settlement. Very promptly following the expiration of this date, appellant notified the seller that the contract was at an end. Appellant sued for the return of his deposit of $2,500, and the appellees defended upon the ground that they had attempted to procure, and would have procured, a mortgage in the required amount, but appellant failed and refused to aid and cooperate in obtaining the same. The trial judge found that it was clear “that there was a complete lack of effort and cooperation on the part of the buyer [in procuring the