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Simple English definitions for legal terms

mortgage-contingency clause

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A quick definition of mortgage-contingency clause:

A mortgage-contingency clause is a part of a real estate contract that says the buyer can only buy the property if they can get a mortgage loan. This means that if the buyer can't get a loan, they don't have to buy the property.

A more thorough explanation:

MORTGAGE-CONTINGENCY CLAUSE

A mortgage-contingency clause is a provision in a real estate sale contract that makes the buyer's performance dependent on their ability to obtain a mortgage loan.

For example, let's say you want to buy a house for $300,000, but you need to take out a mortgage loan to pay for it. The seller agrees to sell you the house, but only if you can obtain a mortgage loan within 30 days. If you are unable to secure a mortgage loan within that time frame, the sale will not go through.

Another example is if you are buying a house for $200,000, and you need to take out a mortgage loan for $150,000. The mortgage-contingency clause in the contract would state that if you are unable to obtain a mortgage loan for at least $150,000, the sale will not go through.

The examples illustrate how a mortgage-contingency clause works in a real estate sale contract. It protects the buyer by making the sale dependent on their ability to obtain a mortgage loan. If the buyer is unable to secure a mortgage loan, they are not obligated to purchase the property, and the seller must find another buyer.

mortgage company | mortgage deed

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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