Niernberg v. Feld

Philip and Melba Niernberg, husband and wife, defendants in the trial court, as owners of certain real estate, entered into a sales agreement with Nathan B. and Esther Feld, which agreement was designated as "Receipt and Option." The Felds paid $1,500.00 as a deposit on the agreed purchase price of $27,000.00, the balance to be paid on or before May 5, 1952, part in cash and part by a note secured by deed of trust on the property. Abstract of title was to be furnished the buyers on or before April 25, and, provided payment was made or tendered by the buyers on or before May 1, the sellers were to convey the property by warranty deed and the agreement provided that if payment was not made or tendered as provided, then the money paid and receipted for was to be held as liquidated damages, and in either case, both purchaser and seller were to be released from all further obligations. Arrangements were made for the Felds, the buyers, to secure a first loan on the property and the sellers furnished an abstract within the time provided in the agreement. Prior to May 1, the Felds decided they "couldnt go through with the deal," and so advised their attorney, who notified the sellers, and on the same day Nathan Feld advised Philip Niernberg to the same effect.