The mortgage contingency clause is one of the most important clauses in real estate contracts. However, many attorneys don’t bother to read it. This is a mistake since the terms of the clause, which may differ from contract to contract, can have an immense impact on your client.
In this program, Alexander Novak and Kim Juhase, will provide an overview of this clause and will discuss the problems that could arise if the wrong language is used. In the second half of the program, they will discuss possible ethical problems that might arise in real estate transactions. They will also provide a brief overview of NY law for those who are dually admitted.
By the program’s end, Juhase and Novak will aim to answer the following questions:
- What are the best terms for the Buyer or the Seller?
- To whom must the Buyer apply for a mortgage loan and in what time period?
- Do conditional commitments satisfy the contract?
- What happens when a mortgage commitment is revoked by the lender?
- How can one avoid malpractice or a grievance complaint in real estate transactions?
Learning Objectives:
- Understand how different terms on a mortgage contingency clause affect your client
- Learn how to avoid ethical problems in real estate transactions
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