Legal Question in Real Estate Law in Florida

Residential contract for sale and purchase. Florida

Under financing paragraph 8 line 99 #3 appraisal of the property obtained by buyer lender is insufficient to meet terms of the Loan commitment What does this mean?.

If appraisal came in lower than purchase offer. Are we bound by our purchase offer?


Asked on 8/03/11, 5:13 am

2 Answers from Attorneys
William W. Fernandez, Sr., J.D. Law Ofc. Wm. W. Fernandez, Sr., J.D., Atty. at Law

No! This is UR escape clause. Renegotiate 4 a lower sales price.

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Answered on 8/03/11, 5:44 am
David Slater David P. Slater, Esq.

Not if your lender is still willing to give you mortgage.

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Answered on 8/03/11, 8:42 am


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