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Ask Loren Your Own Question
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 33442
Experience:  30 years of real estate practice experience.
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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: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year 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 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year 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.