When buying a piece of real property, the contract will often call for what’s called a mortgage contingency. This provision addresses the financing that they buyer receives from a bank or other source. If they cannot obtain a mortgage, than the contract can be cancelled and they can have a return of their deposit. It’s very important that a prospective purchaser understands what, if any, mortgage contingency is contained in the contract. If there’s no mortgage contingency, even if the buyer doesn’t obtain the financing, the seller will keep your deposit.
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