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Does a Seller Have To Work With You If You Change Financing Terms While Under Contract?
March 7th, 2011 5:34 PM

This was a question recently asked by me, and the answer is "No".  According to the California Residential Purchase Agreement(used by agents), paragraph 3k states that the Seller is relying on the Buyer's representation of the type of financing specified(including but not limited to the amount of the down payment, contingent or non contingent loan or all cash).  If Buyer seeks alternate financing, Seller has no obligation to cooperate with Buyer's efforts to obtain such financing, and Buyer shall also pursue the financing method specified in this Agreement.  Buyer's failure to secure alternate financing does not excuse the Buyer from the obligation to purchase the Property and close escrow as specified in the agreement.  Buyers can not change financing type without obtaining the Sellers written approval.  An addendum signed by both the Buyer and The Seller will normally suffice.

I hope you find this information helpful!!

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Posted by Teresa Molina on March 7th, 2011 5:34 PMPost a Comment

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