Legal Question in Real Estate Law in Massachusetts
Mortgage obtained or not?
Buyer informed Seller that financing was obtained by the due date stipulated in P+S. Then Buyer produces 'amendment to purchase and sale' that is a product of the bank that 'must' be executed as a condition of the financing. The 'amendment' narrows Buyers obligations related to financing. Also, Seller rec commitment letter from bank to buyer where 'terms and conditions' are stated. Seller does not want to sign 'amendment'. Has the buyer truly satisfied mortgage contigency clause? Should Seller demand deposit?
1 Answer from Attorneys
Re: Mortgage obtained or not?
Surely too late now to be of any use to you, but call me if you like.
Offhand, it sounds strange, doesn't it?
How exactly does it narrow Buyer's obligations w/r/t financing? Do those
issues truly matter to you? Don't be overly dismissive on the idea of signing a
additional agreement. If the bank has actually signalled approval of the loan,
but requires something relatively harmless of you, you had better be cooperative
or you could be forced to sell anyway, for example, or have other legal problems.
On another hand, I realize that it doesn't make sense to be asked to sign away some
rights at this late stage. I SURE would like to
see the new document before I express an opinion.
I don't know enough to give you an
informed opinion right now and you shouldn't rely
on anything I've said here.
Stuart Williams
Law Offices of Stuart J. Williams
21 Walter St.
Newton, MA
02459-2509
tel. 617 527 0050
Fax 617 527 1763
What's your telephone number, please? For that matter, what's your name and e-mail address?
Stuart Williams
Law Offices of Stuart J. Williams
21 Walter St.
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