Legal Question in Real Estate Law in New York

Mortgage contingency question

Ok, so here goes. I entered into a sales contract. The bank said no for financing, but the 30 day limit was expired according to the mort. contingency. My attorney never advised me that time was up and the bank was taking forever. So here's my Question. Am I required to try another bank? The contingency says I must make a diligent effort, but what does that mean??


Asked on 7/06/06, 8:31 pm

1 Answer from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Mortgage contingency question

technically, your mortgage contingency expired so that you should be off the hook in the purchase. However, the other side of that coin is that you must buy the property and being unable to do so, possibly jeopardize your downpayment.

But then again, the more direct and simple thing to do is this: Why not ask your attorney what this all means?

Good Luck

RRG

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Answered on 7/06/06, 8:57 pm


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