Quirch v. Coro

• Decision Date: 12 March 2003
• Docket Number: No. 3D02-596.,3D02-596.
• Citation: 842 So.2d 184
• Parties: Lourdes A. QUIRCH, Appellant, v. Carlos M. CORO and Maria T. Coro, Appellees.
• Court: Florida District Court of Appeals

842 So.2d 184

Lourdes A. QUIRCH, Appellant, v.Carlos M. CORO and Maria T. Coro, Appellees.

No. 3D02-596.

District Court of Appeal of Florida, Third District.

March 12, 2003.

Rehearing Denied April 16, 2003.

Roy D. Wasson; Raul E. Garcia, Jr., Miami, for appellant.

Perez, Goran & Rodriguez, P.A., and Javier J. Rodriguez, Coral Gables, for appellees.

Before GREEN and RAMIREZ, JJ. and NESBITT, Senior Judge.

GREEN, J.

On this appeal, Lourdes A. Quirch asserts that the trial court's entry of final summary judgment determining entitlement to a real estate deposit held in an escrow account was error because there were genuine issues of material fact.We agree and reverse for the reasons which follow.

The undisputed record evidence reveals that on January 21, 2001, Quirch agreed to sell, and the Coros agreed to purchase, a residence located at 4011 Granada Boulevard in Coral Gables, Florida for $615,000.Pursuant to the terms of a residential sale and purchase contract ("the contract"), the Coros were required to deliver a good faith escrow deposit of $60,000 to Coldwell Banker Residential Real Estate, Inc.The contract was contingent upon the Coros obtaining 80% conventional financing pursuant to the following provision:

This Contract is contingent on Buyer qualifying for and obtaining ... a commitment for new Conventional Financing for 80% of the purchase price ... at the prevailing interest rate and loan costs.The Buyer will apply for Financing within 15 days from Effective Date... and will timely provide any and all credit, employment, financial and other information required by the lender.Either party may cancel this Contract if (i) Buyer, after using diligence and good faith, cannot obtain the Financing within the Financing Period or cannot meet the terms of the commitment by the Closing Date, or (ii) the Financing is denied because the Property appraises below the purchase price and either Buyer elects not to proceed or the parties are unable to re-negotiate the purchase price.Upon cancellation, Buyer will return all Seller-provided title evidence, surveys and association documents and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorization from all interested parties.(emphasis added).

After the execution of the contract, the Coros initially agreed to allow Quirch, the seller, to handle their financing through Banking Mortgage Services Corp.("BMS"), a mortgage company owned by Quirch's brother.However, the Coros cancelled this arrangement when they learned that BMS' good faith estimate was proposing to charge them for the documentary stamp taxes on the deed, contrary to the terms of their contract with Quirch.

Thereafter, on February 12, 2001, the Coros applied for and received, a financial commitment from the Trinity Mortgage Corp. which satisfied the financing contingency in the contract.Approximately four days after receiving this financing commitment, however, Dr. Carlos Coro became gravely ill and was immediately hospitalized.Mrs. Coro immediately notified the lender of her husband's illness.Trinity Mortgage Corp. then notified the Coros that the contemplated conventional financing could not be approved in light of Dr. Coro's illness.When the lender rescinded its financing, the Coros' counsel notified Quirch by letter dated March 5, 2001, that they could not meet the financing contingency pursuant to the terms of the contract, and would not be able to close on the transaction.The letter also demanded the return of their deposit.

In response, Quirch, through counsel, requested a copy of the letter from the lender denying financing to the Coros.In this same letter, Quirch also offered to extend the closing date in the event that the Coros could not produce the lender's letter.On March 15, the Coros provided Quirch with the requested denial letter from Trinity Mortgage Corp. as well as a letter from Dr. Coro's treating physician outlining his illness and prognoses for the future.The Coros again demanded the return of their deposit.

Quirch refused to authorize the return of the deposit to the Coros from the realtor.She took the position that the Coros were either obligated to go forward with the transaction or forfeit the deposit.The realtor/escrow agent, Coldwell Banker Residential Real Estate, Inc., then filed this interpleader action and deposited the disputed funds into the registry of ...