Buyer's Failure to Secure Financing Justifies Seller Retaining Down Payment

An individual contracted to purchase land, making a down payment, but failed to secure the necessary financing within the stipulated time, leading the seller to resolve the contract, retain the down payment as damages, and subsequently sell the property to a third party. The buyer sued to recover the down payment, arguing the seller had not formally notified them of the need to execute the final deed before resolving the sale, but the court upheld the lower court's decision to reject the claim, reasoning that the failure to obtain financing constituted a breach of the buyer's principal obligation, justifying the seller's decision to terminate the agreement and retain the deposit according to the contract's terms, especially since the buyer had not presented evidence of an explicit demand from the seller setting a final deadline for obtaining the loan.