What is a Mortgage Contingency?
In real estate purchases and sales, the mortgage contingency is a typical contingency that must be met prior to the completion of a transaction involving a mortgage.
Are there time limits on mortgage contingencies?
Most contingencies provide 30-45 days for the buyer to obtain a mortgage commitment. This means that if the buyer does not obtain financing within that time period, the contract may be terminated
Where does a real estate attorney come in?
It is vital to have a real estate attorney working on your behalf throughout the entire home buying or home selling process. Mortgage contingencies are a prime example of how things can get complicated if you are not aware of your legal rights. With a lawyer in place, you can have peace of mind knowing that every contingency is fair to you, and that your financial stakes are protected.
For any questions about mortgage contingencies, reach out to us directly.