How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 30900
Experience:  30 years of real estate practice experience.
17897874
Type Your Real Estate Law Question Here...
Loren is online now
A new question is answered every 9 seconds

I signed a contract on my home in WV on 6-23-16 and it

Customer Question

I signed a contract on my home in WV on 6-23-16 and it contains a loan contingency stating that if the buyer does not receive financial commitment within 30 days, the contract is null and void. The loan has not been finalized and I am told that this only applies to the buyer, as to cancelling the contract. Our closing date is 8-12-16 and I am getting concerned. Does this contingency also apply to me as the seller?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: West Virginia
JA: Have you talked to a lawyer yet?
Customer: No
JA: Anything else you think the lawyer should know?
Customer: I don't believe so
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  Loren replied 8 months ago.

Good evening. I am Loren, a licensed attorney, and I look forward to assisting you.

That termination is only for the buyer to exercise. If they do not get a loan and they do not terminate then the buyer must close or be subject to being held in breach if they can not. In other words, the earnest money is at risk and the deal is as a cash transaction.

Expert:  Loren replied 8 months ago.

Are you online with me?

Expert:  Loren replied 8 months ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.