Alabama Mortgage Contingency Clauses: Contract for Real Property
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Description
A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Mortgage Contingency Clauses for a Contract for Real Property. A mortgage contingency is a clause in real estate transactions that gives home buyers a timeframe to secure a mortgage loan for a home. If the loan cannot be secured, the buyer can walk away without legal repercussions and have their earnest money deposit returned.
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