Legal Question in Real Estate Law in Tennessee

Re: real estate closing

Regarding your dealings with a mortgage broker or bank; Those obligations are between you and the Bank or mortgage broker. They are not a part of the contract you have with the seller. YOU have the obligation of obtaining the financing and completing the contract with the seller. All you can do is make a bonafide attempt to secure financing if you have the proper contingency in the RE contract. If you have made a good effort and do not have financing, the contingency usually provides for a deposit return. If the seller is willing to extend so you may complete with the broker or find another financing source., That requires a written extension agreement for date certain to close and perhaps an agreement for sller to keep deposit if you are unsuccessful. You and your mortgage broker should have some written agreement if you want to hold them to any responsiblity.Otherwise its usually the Buyers obligation to make every effort to complete the contract and financing timely.