The absence of a mortgage-contingency means that the Buyer has agreed to pay "all cash" for the real estate. Buyers should be very cautious about signing a purchase contract that does not contain a mortgage contingency because the Down Payment or "earnest money" deposit given at the contract signing is "at risk, " should the Buyer not have all of the cash needed to close.
We have provided some sample language for New York State purchasers to read and understand. The bottom line: If you need bank financing to purchase your new home, you need to carefully understand how a mortgage contingency works. If you or your new york real estate attorney fail to comprehend the risks associated with the transaction and your credit, you are at risk of losing your down payment should you not qualify for the Mortgage.
Technology has revolutionized our lives, from the way we communicate with each other to the way we conduct business, it permeates our lives at home, in the car, everywhere. With the advent of smartphones, personal computing technology has is faster, smarter, and more pervasive than you think.
We have provided some sample language for New York State purchasers to read and understand. The bottom line: If you need bank financing to purchase your new home, you need to carefully understand how a mortgage contingency works. If you or your new york real estate attorney fail to comprehend the risks associated with the transaction and your credit, you are at risk of losing your down payment should you not qualify for the Mortgage.
Technology has revolutionized our lives, from the way we communicate with each other to the way we conduct business, it permeates our lives at home, in the car, everywhere. With the advent of smartphones, personal computing technology has is faster, smarter, and more pervasive than you think.
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In New York, when a married couple purchases real estate the interest that the married couple has in the property is called a tenancy by the entirety.
It is as if the married couple is "one person" in the eyes of the law.
This type of ownership has certain benefits for the married couple.
One of those benefits is that when one spouse dies, the other spouse automatically becomes the owner of the entire interest in the real property.
So, in the above example, when one member of the married couple dies, the property would automatically pass to the surviving spouse.
It is as if the married couple is "one person" in the eyes of the law.
This type of ownership has certain benefits for the married couple.
One of those benefits is that when one spouse dies, the other spouse automatically becomes the owner of the entire interest in the real property.
So, in the above example, when one member of the married couple dies, the property would automatically pass to the surviving spouse.
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