Legal Question in Real Estate Law in Michigan

new home purchase agreement

signed purchase agreement- lost job-bank denies loan due to income/debt ratio-do i lose deposit? Purchase agreement sates if purchaser defaults on agreement they keep deposit and may incur other fees-is the loan denial consider a default? do I lose my deposit?


Asked on 7/01/09, 10:02 pm

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: new home purchase agreement

It would depend, is there a provision in the contract that says the agreement is contingent on your ability to obtain financing?

Read more
Answered on 7/01/09, 10:28 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Michigan