Legal Question in Real Estate Law in Florida

locking into an interest rate
I am buying a second home in Florida and tried to lock into an interest rate back in early January. I called the loan company and verbally locked in. After a few weeks I had received no paperwork so I called back. They had forgot to locked me in. They said they would then, but again a few weeks went by and no paperwork. I called back and they said they would do it and send some out. The paperwork is dated for March and not January. Since the rates have dropped since then, am I held to the rate in January or should I be able to take advantage of the lower rates? I never signed or returned the lock in agreement they just sent. I no longer want to lock in. Am I responsible for a verbal lock in agreement over the phone if it was never followed up on the part of the loan company and no agreement was signed?

Asked on 3/11/03, 12:53 pm

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

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Re: locking into an interest rate

You seem to want the best of all worlds. If you didnt sign then there is no agreement. I would advise the finance company of your change in heart.

Answered on 3/11/03, 2:12 pm

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