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A mortgage contingency clause is a provision in the home purchase contract saying that if the prospective buyer cannot get a mortgage within a fixed period of time with the specified terms, the buyer can call off the whole deal and get back his deposit.
An example of this is when the buyer can't qualify for a mortgage because the buyer lost Here is sample language in a typical Mortgage Contingency Clause.
Content focuses on what a mortgage-contingency rider is. The clause might read, for example, that the contract is contingent on the buyer obtaining approval
13 Aug 2016 5 Ways a Mortgage Contingency Protects Buyers in a Purchase Contract. Buying a property usually involves the signing of a purchase contract. Since buyers often have to qualify for a mortgage in order to buy a property, this contract usually contains a mortgage contingency clause.
13 May 2009 Bridgehampton - Simply put, a "mortgage contingency clause" is a provision in For example, if the contingency clause makes reference to "$1
3 Mar 2017 A contingency clause defines a condition or action that must be met for a real estate For example, if a buyer backs out and the seller is unable to find another A financing contingency (also called a “mortgage contingency")
18 Jul 1999 For example, he said, while the term ''mortgage contingency clause'' is commonly used to describe the contract provision that addresses the
MORTGAGE CONTINGENCY CLAUSE. This contract is subject to the condition that purchaser be able to procure within ______ days a firm commitment for a
22 Sep 2008 A well-drafted mortgage contingency clause may include the following the right to terminate the agreement of sale if, for example, the loan.
8 Feb 2012 A mortgage contingency clause in New York City allows a buyer to back with your attorney on all of this, and your specific contract language,
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