Legal Question in Real Estate Law in California

Hi, I am in the process getting loan from the third party lender. Today I was conditionally approved for the loan from third party lender. One of conditions is that I need to provide a notice of cancellation of loan application from the builder's preferred lender. I purchased a newly constructed attached condo. Builder's preferred lender just told me that they would not provide that kind of notice because they want to make sure that I will close the loan on time. Is it legal?

Thanks for your help.

Lei


Asked on 1/07/11, 3:21 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Sure, it's legal, but it sounds pretty stupid. If the builder wants to close sales, why don't they tell their "preferred lender" to step out of the way? My suggestion is that you contact your builder and let it know you are ready to close except for some reluctance to cooperate from its own lender.

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Answered on 1/12/11, 7:08 pm


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