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Proctor v. Holden

Maryland Court of Special Appeals
540 A.2d 133 (1988)


Michael and Deborah Holden (plaintiffs) were searching for a new home. They applied for a mortgage with Magnet Mortgage. Shortly thereafter, John and Deborah Proctor (defendants) agreed to sell their home to the Holdens, subject to a financing contingency. The contingency clause in the contract required the Holdens to apply for financing within five days of the contract’s execution. The contract was signed on July 26, 1985. Pursuant to the contract, the Holdens paid the Proctors a $20,000 deposit. Soon after the contract was signed, Magnet Mortgage denied the Holdens’ application. On August 9, the Holdens applied for a mortgage from a second bank but were denied again. At this point, the Proctors offered to finance the purchase for the Holdens. The Holdens declined and instead requested a return of their deposit on account of their failure to obtain financing. The Proctors refused, and the Holdens brought suit in the Circuit Court for Talbot County. The jury found in favor of the Holdens. The Proctors appealed, arguing that the Holdens breached the contract by not complying with the five-day requirement and by refusing to accept the Proctors’ offer to finance.

Rule of Law


Holding and Reasoning (Alpert, J.)

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