A condition in a contract for the purchase of real property which makes the purchaser's obligation dependent upon his obtaining a given dollar amount of conventional mortgage financing

Question

Landon Larson

Business

27 December, 04:33

A condition in a contract for the purchase of real property which makes the purchaser's obligation dependent upon his obtaining a given dollar amount of conventional mortgage financing

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Answers (1)

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Maliyah Ballard · Answer 1

The correct answer is: Required the purchaser to use reasonable efforts to obtain the financing.

Explanation:

The resolutory condition is a guarantee of payment when a deferred price is agreed or agreed upon in the sale and the seller intends to ensure the collection of said price.

The express or explicit resolution condition in the purchase of an agreed property implies that in case of non-payment of the price or any of its terms, the resolution of the sale takes place, with the consequent recovery by the seller of the property that has been transmitted.