Legal Question in Real Estate Law in Florida

Home purchase contract says: "Eff date is 7/31. Loan Commitment date is 30 days after effective date. Closing date is 8/28/15...If buyer does not receive Loan Commitment by Loan Commitment date, then either party may cancel up to the earlier of: Buyer's delivery of written notice to seller that buyer either received Loan Commitment or waive the financing contigency, OR 7 days prior to closing date."

If I don't have a Loan Commitment letter by 7 days prior to closing, am I within my right to cancel? If I get the letter and right away notify the seller I want to cancel, am I within my right to? The dates don't come out right to me. And the first choice "Buyer has received Loan Commitment" contradicts the beginning of the sentence, "If buyer does not receive Loan Commitment"


Asked on 7/31/15, 2:08 pm

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

Sorry but the entire contract needs to be reviewed to determine if the notice is proper. I would not wait to get that opinion since you are under a time crunch I would send the notice as soon as you know with the supporting documents. Hire an attorney to assist with the closing.

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Answered on 7/31/15, 2:15 pm


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