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What is a mortgage contingency clause?
Posted : 28/04/2024 3:21 pm
A mortgage contingency clause is a condition written into a real estate purchase contract that the buyer indicates must be met in order for them to close on the purchase. This clause protects the buyer in the event that they can't qualify for financing and therefore can't afford a property without a loan. If the buyer can't get acceptable financing before the end of the contingency period (usually 30 to 60 days), they can back out of the contract with no penalty and even get their earnest money back.
Posted : 30/04/2024 10:22 pm