Merner
WYDA Associates v. Merner
Opinion
Opinion
Corrigan, J.
The essence of this litigation revolves around when a contractual period to obtain financing for the purchase of real estate elapsed. Property owner, WYDA Associates (WYDA), and real estate brokerage, Litton/Fuller Group of Walnut Creek (Litton/Fuller), appeal from the grant of summary judgment in favor of buyer, Carl J. Merner, in a breach of contract action. We hold the trial court incorrectly interpreted the terms of the purchase agreement. Thus, we reverse and remand for further proceedings.
Statement of Facts
On May 23, 1991, Merner offered to purchase real property from WYDA for $2.9 million. That offer was, however, contingent upon Merner’s inspection of the property and review of various documents pertaining to the property (the inspection contingencies) and his ability to obtain financing within certain specifications (the financing contingency). According to the agreement, on the date the inspection contingencies were removed, two events were to occur: Merner was to deposit $60,000 in escrow and was then to be given sixty days to obtain financing.
Merner had 10 business days from his receipt of the specified documents on May 31 to complete his review and…