Louisiana Real Estate Commission v. Butler
Louisiana Court of Appeal
899 So.2d 151 (2005)
In order to bring all the disputants before the court, and pursuant to the state's concursus statute, the Louisiana Real Estate Commission (plaintiff) sued Dr. Brett Butler, Dr. Edward Crocker, and their wives (defendants). The Butlers prepared a contract for the purchase of the Crockers' house. The contract stipulated that the purchase was contingent on the Butlers' obtaining a loan, in a sum "to be determined," at an interest rate of 8.5 percent. The contract also memorialized the Butlers' representation that they had sufficient funds to complete the transaction. The Crockers accepted the Butlers' offer and the Butlers made a $12,500 down payment toward the purchase price. The Butlers applied to a bank for a loan covering 90 percent of the property's value, to be secured by a mortgage on the property. The bank turned down the Butlers' application. Consequently, the Butlers withdrew their purchase offer. The Crockers refused to refund the Butlers' down payment. The Butlers argued that the contract was void due to a mutual misunderstanding as to the amount they would seek to finance. The trial court ruled that the Crockers were entitled to keep the down payment. The Butlers appealed to the state appeals court.
Rule of Law
Holding and Reasoning (Ezell, J.)
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