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If the lender changed interest rates a week before closing on a property sale can you cancel the contract with the seller without being sued?
Wiki User
∙ 17y ago
If the loan and rate were conditions of the sale, yes.
Wiki User
∙ 17y ago
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What is real estate marketing?
Generating interest in a property for sale by advertising using various means and managing the sale of the property through closing or settlement.
Can a lender take your principal and interest payments for your mortgage and pay property taxes?
You need to review your mortgage documents that you signed at your closing.
How do you prorate interest?
how do I prorate interest in a closing statement
Can you void a contract to sell a piece of property once both parties have signed and it has gone through closing?
In a normal situation, you will not be able to void the contract. If both parties agree, it can be voided. If the contract is illegal, or there was fraud involved, the court could void it as well.
Can you cancel the contract after closing on a house?
If a buyer is allowed to get out of a home purchase after a closing, it will state that in the contract. Discovering a shocking defect with the property that was not disclosed can potentially get the buyer out of the contract after the closing.
When can your order termite and home inspections to be done on the property?
Usually after you enter the contract and the escrow amount has been deposited with the closing agent, the inspection period begins. This can be anywhere from a 5 day to 2-3 week period depending on the contract. Again, this can vary from contract to contract, but this scenario is typical.
Does a real estate contract become void if the buyer does not show on closing day?
It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.It doesn't become void unless the other party wants to void the contract. The seller can use that failure to show up at the closing to void the contract but there are further consequences for the buyer. Not showing up for the closing is a breach of the contract and generally the seller can keep any deposit as long as that provision was recited in the sales contract. You should consult with an attorney.
Is interest included in the total amount of a mortgage?
Usually the "bottom line" of a mortgage does not include interest. It does include closing costs and other costs involved with the mortgage, though usually not including home insurance or property tax estimates.
Is it legal for a bank to take a portion of a check you sent them for the principal of your mortgage only payment and use it for future payments and interest for themselves?
It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.
When renegotiating conscessions in a real estate contract gets convoluted?
Remember to a seller they want to know what their 'net' price is on a sale of real estate property. So however you negotiate such things as closing cost concessions or any credits or share of repair costs for the property, it means less monies for the seller. Simpler is better in a real estate contract. In a hot market, concessions requested may put you as a buyer at a disadvantage in obtaining the property. In a slower selling market, as a buyer you may have more leverage to request closing cost credits or repairs being done prior to closing. A knowledgeable real estate agent should be able to guide you well in either market.
Do you need homeowners insurance the day of closing if you pay cash?
No, the lender is the party that requires insurance at closing because they have an interest in the property due to the loan they are providing for purchase. Since there is no lender, no homeowner's would be REQUIRED. However, since YOU have an insurable interest (because ALL of your cash is tied up in the house) , I would highly advise ppurchasing coverage for your home!
Can you break a real estate contract before closing for no reason?
If the contract is well written the answer is NO. That's the purpose of a contract. You would lose your deposit and possibly more.
