Before submitting his offer, my client crossed out the note in paragraph 5 of the Offer to Purchase and Contract (Form 2-T) . . .

Legal Q&A | Can a strikethrough in Form 2-T make the contract contingent on the buyer’s obtaining a loan?

QUESTION: Before submitting his offer, my client crossed out the note in paragraph 5 of the Offer to Purchase and Contract (Form 2-T) that reads:

NOTE: Buyer’s obligations under this Contract are not conditioned upon obtaining or closing any loan. Some mortgage loan programs and Down Payment Assistance programs selected by Buyer may impose additional repair obligations, conditions or costs upon Seller or Buyer, and more information may be needed.

The buyer believes this revision will protect his Earnest Money Deposit if he cannot obtain a loan. Is he correct?

DISCOVER THE ANSWER




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Explore the Heck-Andrew House on Instagram

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