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McCOY v. BROWN

No. 32082.

24 A.3d 597 (2011)

130 Conn.App. 702

G. William McCOY et al. v. James A. BROWN et al.

Appellate Court of Connecticut.

Decided August 16, 2011.

Attorney(s) appearing for the Case

John F. Carberry, with whom, on the brief, was Timothy M. Herring, Stamford, for the appellants (plaintiff G. William McCoy et al.).

James C. Riley, Greenwich, for the appellees (defendant James A. Brown et al.).

BISHOP, ROBINSON and PETERS, Js.

PETERS, J.

Contracts for the sale of real property often contain mortgage contingency clauses. In this case, the mortgage contingency clause required the purchasers to apply for a mortgage commitment "at the prevailing rate ... and [to] pursue the same diligently."1 The principal issue is whether the purchasers, having learned that they were ineligible for a mortgage at "the prime rate," were required to exercise due diligence to pursue...

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