Since the revision of the sales contract is usually left to buyers and sellers, it is important to understand the details of the transaction. Think of it as a financial vocabulary test where it`s definitely worth getting an A. Third, the purchase and sale contract defines the seller`s responsibilities. These include maintaining insurance and maintaining the land until conclusion, obtaining a smoke and carbon monoxide certificate at the time of conclusion, paying the brokerage commission, obtaining a certificate 6 (d) for a condominium and the obligation to pay taxes by the seller until the closing date (by adapting the HUD billing declaration). The agreement also provides that the seller`s representative (either the broker or the lawyer) maintains the buyer`s accounting on a fiduciary account. Or the fact that buyers have to sign their names and initials on several pages of the purchase and sale agreement, each filled with a language they may not fully understand, comes down to one fact: you`ve come closer to the biggest purchase of your life. The eventual mortgage clause begins in your offer to purchase, but is transferred to the purchase and sale contract. This gives you the protection of terminating the contract with the seller if you are not eligible for a mortgage. Remember that your credit application may be rejected for factors that are not in your hands, for example. B an assessment that does not satisfy the lender. In the P&S, a financing date is given to the mortgage contingency. This sets a date by which you must receive a letter of commitment from your lender attesting that you are approved for the loan.

If you let this date expire without your commitment letter, you may lose your deposit money from the date of the offer and the money you deposited at the time of the P&S. To make sure this is not the case, you should be aware of the financing date and contact your loan officer and lawyer if you are approaching that date without a letter of commitment. If your credit officer cannot guarantee that you will receive the letter in a timely manner, your lawyer should negotiate with the seller`s lawyer for an extension of the financing date.

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