In New York, when buying a property, many people are unaware that there can be additional clauses, known as 'Contingency,' in the purchase contract. Contingencies in contracts are used to define specific situations during the transaction process in which the buyer has the right to terminate the contract and receive their earnest money back.
In this video, Fuqiang Zhang, esq specifically brings to everyone's attention the use of Mortgage Contingency when buying properties:
①Be cautious of the 'malicious' use of Mortgage Contingency.
②The genuine prerequisites for buyers to get a refund in the event of a mortgage failure.
③Under what circumstances Mortgage Contingency can be triggered?
Whether you are a novice looking to buy a house in New York, or someone wanting to stay informed about the latest information on real estate transactions in New York, you don't want to miss this!
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Presenter: Fuqiang Zhang, Esq., Founder/Partner
Business scope: Real estate transactions, planning, and development, company mergers and acquisitions, bankruptcy and restructuring legal matters, including providing legal counsel, drafting relevant legal documents, participating in negotiations, and more.
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