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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

General

General chat about the legal profession.

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1a2b3c4d26z

15:12

Yea but isn't that just cheating

1a2b3c4d26z

15:12

If you're already dating

babycat

15:13

I mean like casual dating without a label

BulbasaurNoLikeCardio

15:13

My wife and I date girls together but we don't fuck unless it is going to be exclusive but having hot chick friends you can flirt with is great.

babycat

15:13

I also have hot chick friends I can flirt with

BulbasaurNoLikeCardio

15:13

@babycat: Tinder spams marketing messages so dude probably forgot to delete but either way he didn't deserve you so fuck him

babycat

15:14

That was actually it but I was mean to him for like two days about it anyways

Dkk

15:14

Yeah, I am going to bed. I am starting to feel tired. Goodnight.

renard99

15:14

Goodnight DK

Dkk

15:14

Thank you. Goodnight to you too.

babycat

15:14

don't let the bedbugs bite

Dkk

15:14

Yeah cus bed bugs can carry aids.

BulbasaurNoLikeCardio

15:14

The whole having a group of hot chick friends you can flirt with while going out is great. Makes for a fun and safer environment when drinking.

babycat

15:15

I love my hot chick friends. Don't know where I would be without them

renard99

15:15

Crazy story, I had dinner with the dad of a friend of mine and he just openly went on Tinder in front of me and the other guys. Later my mom ran into him with another woman (not his wife/friend's mom) and he got very uncomfortable and never texted her again

renard99

15:15

I can't imagine what it's like being a cheater or like a serial dater. Shit seems so nervewracking

BulbasaurNoLikeCardio

15:16

My wife and I have great and open communication but one night she kept asking me why this girl is blowing up my phone with messages/pictures so I showed her... she got a new puppy and got drunk so had her puppy doing a fashion shoot at 11pm.

babycat

15:16

Awwww

BulbasaurNoLikeCardio

15:17

I need more hot friends to hang with, the town we are in sucks butt for it and everyone seems shifty/flaky.

glovediedthisishismom

15:17

whoever was asking for an AU wave earlier fished their wish

babycat

15:18

I keep my dating very clean and above board. No overlaps, no ambiguities. If you want to go into some sort of public office in the future it's good to be smart about things like that

babycat

15:18

So many politicians have sex scandals and that's how they get blackmailed and other people have power over them. I mean of course there are ethical and emotional issues too but it's literally just smart to not be a cheater

BulbasaurNoLikeCardio

15:19

I would never go into public office as it drags in your family as well. Dating is so much easier then some people make it out to be and it is not that hard to not cheat. I would always tell my soldiers to rub one out before making a big decision so they arent acting dumb

BulbasaurNoLikeCardio

15:20

Like if more cheaters just paused and rubbed one out they would be like you know maybe ill just watch some TV

babycat

15:20

I've seen some people do a really good job keeping their family out of it. But it really is an "anything they can use against you, they will" type of vibe

babycat

15:21

Ugh I need to go work on essays bye folks

BulbasaurNoLikeCardio

15:22

I don't do anything I can be blackmailed with, I like money too much to be sketch. Have fun doing your essays and a good weekend

info-man

15:23

don't have the motivation to work on essays

BulbasaurNoLikeCardio

15:25

I got to work on essays for finals but I'm like that is a next week me problem. I am glad to be done with LS ones. I felt weird talking about myself

babycat

15:28

Bulbasaur if you weren't constrained by location I would say you should apply to Northwestern. They love applicants like you

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