I'm at NC.
part of the contract:
In the event: (1) this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all earnest monies shall be refunded to Buyer. In the event of breach of this contract by Seller, all earnest monies shall be refunded to Buyer upon Buyer's request, but such forfeiture shall not affect any other remedies available to Buyer for such breach. In the event of breach of this contract by Buyer, all earnest monies shall be refunded to Seller upon Seller's request, but such forfeiture shall not affect any other remedies available to Seller for such breach. NOTE: in the event of a dispute between Seller and Buyer over the return or forfeiture of earnest money held in escrow by a broker, the broker is required by the state law to retain said earnest money in the broker's trust or escrow account until a written release from the parties consenting to its disposition has been obtained or until di*****ursement is ordered by a court of competent jurisdicction.
CONDITIONS:
(a) BUyer must be able to obtain a Conventional loan in the principal amount of 90%LTV (plus any finaced VA Funding Fee or FHA MIP) for a term of 30 years, at an initial interest rate not to exceed 7% per annum, with mortage loan discount points not to exceed 0% of the loan amount. Buyer shall apply for said loan within 7 days of the Effective Date of this contract. Buyer shall use Buyer's best efforts to secure the lender's customary loan commitment letter on or before 2-27-07 and to satisfy all terms and conditions of the loan commitment letter by Closing. After the above letter date, Seller may request in writing from Buyer a copy of the loan commitment letter. If Buyer fails to provide Seller a copy of the loan commitment letter or a written waiver of this loan condition within five days of receipt of Seller's request, Seller may terminate this contract by written notice to Buyer at any time thereafter, provided Seller has not then received a copy of the letter or the waiver.
part of the contract:
In the event: (1) this offer is not accepted; or (2) any of the conditions hereto are not satisfied, then all earnest monies shall be refunded to Buyer. In the event of breach of this contract by Seller, all earnest monies shall be refunded to Buyer upon Buyer's request, but such forfeiture shall not affect any other remedies available to Buyer for such breach. In the event of breach of this contract by Buyer, all earnest monies shall be refunded to Seller upon Seller's request, but such forfeiture shall not affect any other remedies available to Seller for such breach. NOTE: in the event of a dispute between Seller and Buyer over the return or forfeiture of earnest money held in escrow by a broker, the broker is required by the state law to retain said earnest money in the broker's trust or escrow account until a written release from the parties consenting to its disposition has been obtained or until di*****ursement is ordered by a court of competent jurisdicction.
CONDITIONS:
(a) BUyer must be able to obtain a Conventional loan in the principal amount of 90%LTV (plus any finaced VA Funding Fee or FHA MIP) for a term of 30 years, at an initial interest rate not to exceed 7% per annum, with mortage loan discount points not to exceed 0% of the loan amount. Buyer shall apply for said loan within 7 days of the Effective Date of this contract. Buyer shall use Buyer's best efforts to secure the lender's customary loan commitment letter on or before 2-27-07 and to satisfy all terms and conditions of the loan commitment letter by Closing. After the above letter date, Seller may request in writing from Buyer a copy of the loan commitment letter. If Buyer fails to provide Seller a copy of the loan commitment letter or a written waiver of this loan condition within five days of receipt of Seller's request, Seller may terminate this contract by written notice to Buyer at any time thereafter, provided Seller has not then received a copy of the letter or the waiver.
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