financing contingency: Financing Contingency-Understanding the Lender Commitment Letter in MN
- 10/16/12 04:06 PM
The "Written Statement" of Lender Commitment is a misunderstood, under-utilized, and yet incredibly significant component of the Minnesota Association of Realtors' (MAR) Residential Purchase Agreement. Despite the almost universal acceptance of the MAR forms in MN purchase transactions, the "Written Statement" or Lender Commitment Letter component is seldom explained to a buyer or seller. The Financing Contingency (Conventional, FHA or DVA) which functions to describe the financing that a buyer is attempting to obtain, contains the clause referring to the Lender Commitment Letter (referred to as a "Written Statement".) The Financing Contingency requires an option to be chosen at the time … (10 comments)
The "Written Statement" of Lender Commitment is a misunderstood, under-utilized, and yet incredibly significant component of the Minnesota Association of Realtors' (MAR) Residential Purchase Agreement. Despite the almost universal acceptance of the MAR forms in MN purchase transactions, the "Written Statement" or Lender Commitment Letter component is seldom explained to a buyer or seller.
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