Posted by Vic on May 16, 2000 at 05:40:28:
Are you using a purchase agreement that you created or one from another source? If you’re using either of those, I’d reccommend that you obtain a purchase agmt. from a real estate agent or title co. & you’ll see that it probably contains the financing contingency clause that you are looking for.
If it doesn’t, then you’ll want to insert a clause along the lines of - This offer is subject to buyer being able to obtain a loan or loans in the amount of $________, at an int. rate not to exceed ________ amortized over a period of not less than ______ years. ___Buyer _Seller (check one) agrees to pay origination fee not to exceed points & discount points not to exceed points. Should buyer be unable to obtain loan specified above then this purchase agmt. is null & void & any deposit is to be refunded to buyer.
If there are any other clauses unique to you situation, just add them in.
Hope this helps,