Ownership Condition: The P&S contains an agreement where the seller will provide the buyer with a clear or marketable ownership right. The mortgage contingency clause begins in your offer to purchase, but is transferred to the purchase and sale agreement. This gives you the protection you need to terminate the contract with the seller if you are not eligible for a mortgage. Keep in mind that your loan application may be rejected for factors that are not within your reach, such as .B an assessment that does not satisfy the lender. In P&S, the mortgage contingency is given a financing date. This sets a date by which you must receive a letter of commitment from your lender stating that you are approved for the loan. .
14 October 2021 BBP Admin Uncategorized
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