Word of the day
Note that a buyer’s good-faith inability to obtain financing under a contingency provision of a purchase agreement is not considered a default (the performance of the contract depends on the buyer’s getting the property financed), and in this case, the seller generally must return the buyer’s deposit.
Junior mortgages usually contain a clause authorizing the holder of the junior mortgage to advance money to cure any default of the mortgagor under a prior mortgage. Were the first mortgage to remain in default and the lender to foreclose, it would have the effect of wiping out the junior mortgage.
Industry, Residential Real Estate, Education
Library of Real Estate Clauses
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