Legal Question in Real Estate Law in Oregon

They want more $$$$$ for down payment

Hello... needed and found a new house.after terms agreed upon,agent,sellers and me(buyer)signed a ''Residential real estate sales agreement'' ''Final agency acknowlegement''version

This contract was signed a month ago with pricing and down payment stated. NOW 2 weeks before closing, the agent tells me that the lender requires additional ''down payment'' Can they do that? Thanks


Asked on 9/18/05, 4:40 pm

2 Answers from Attorneys
Michael Zusman Evans & Zusman, P.C.

Re: They want more $$$$$ for down payment

The contract you signed is between you and the seller. The lender can require whatever it wants as a condition to providing you financing, including a higher down payment. They are not parties to the contract between you and the seller so are not bound to its terms. Good luck.

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Answered on 9/19/05, 12:24 pm
Susan Burns Law Office of Susan Ford Burns

Re: They want more $$$$$ for down payment

The contract you are referring to is between you and the sellers. In a situation where the property is financed, the seller usually does not care about the size of the downpayment because the seller is actually getting all cash (from the loan and the downpayment).

It is not the sellers who are asking for the additional downpayment, it is the lender that you decided to use. The lender can set whatever terms it desires for a loan that it offers to you. Among these terms are the size of the downpayment and the interest rate.

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Answered on 9/19/05, 5:01 pm


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