Appeal from the Order of the State Real Estate Commission in case of State Real Estate Commission v. Herbert V. Yingling, Jr., Broker, Case No. 1821.
James R. McDonald, with him William C. Stillwagon, for appellant.
Steven Kachmar, Assistant Attorney General, with him Israel Packel, Attorney General, for appellee.
President Judge Bowman and Judges Crumlish, Jr., Kramer, Wilkinson, Jr., Mencer, Rogers and Blatt. Opinion by Judge Mencer.
This is an appeal from an adjudication and order of the State Real Estate Commission (Commission) revoking the license of the appellant, Herbert V. Yingling, Jr., to practice as a real estate broker.
Appellant was a holder of Real Estate Broker's License No. 20399, issued on August 5, 1963. On April 5, 1965, the appellant purchased property located at 413 Colonial Drive, Monroeville, Allegheny County, Pennsylvania. Appellant entered into a lease agreement with Mr. and Mrs. Warren J. Malisher (complainants),
whereby the property at 413 Colonial Drive was leased for a period of one year with an option to the complainants to purchase the property for $23,500.00. At the end of the year's period the complainants were not in a financial position to exercise the option but they continued to reside in the premises on a month to month arrangement.
On December 29, 1966, the appellant and the complainants entered into a written agreement to sell the property and the consideration was set at $23,000.00, with a down payment of $6,500.00. Pursuant to this agreement, the complainants presented a check to appellant for $6,500.00 which he endorsed and the proceeds of which he placed in the account of Hyco, Inc., of which appellant was president.
The agreement of sale provided for a closing or settlement on or before January 31, 1967. Thereafter it was decided to hold the closing on January 26, 1967. Complainants appeared on that date ready and able to settle, having obtained a mortgage loan for $14,700.00 from the Mellon National Bank and Trust Company of Pittsburgh, Pennsylvania (Mellon Bank). Appellant not only failed to appear, but it became known to complainants that there was an outstanding mortgage against the property which had been given by appellant to the Homewood Savings and Loan Association. The attorney for Mellon Bank suggested that they have an escrow closing whereby the complainants would sign all necessary papers and documents and pay their money to be held in escrow awaiting the presentation of a legally sufficient deed and the satisfaction of the outstanding mortgage by the appellant.
After being contacted several times, the appellant mailed to the attorney for Mellon Bank a check dated February 27, 1967, in the amount of $6,500.00 to satisfy the mortgage that remained outstanding, but this check ...