Legal Question in Real Estate Law in New Jersey

Mortgage Commitment - when has contingency been met?

My property contract states that a Mortgage Commitment has to be received by Aug.20. I received a commitment letter on that date that states it is subject to a home appraisal. Has the contingency been met or am I free to pull out of the original contract and re-negotiate with the buyer or put the property back on the market?


Asked on 8/21/03, 9:57 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Mortgage Commitment - when has contingency been met?

Did the contract specify an unconditional commitment, or just a commitment (nothing specified as to type)? If the latter, the contingency of an appraisal does not itself negate the recepit in timely fashion. If the former (had to be specifically mentioned as such in the contract) you can cancel if the other provisions regarding what happens are met. There is not sufficient information about the contract language to more properly respond to the question. I need more facts.

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Answered on 8/21/03, 3:40 pm


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