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CONVENTIONAL LOAN CONTINGENCY EXHIBIT “2018 Printing This Exhibit is part of the Agreement with an Offer Date of for the purchase and sale of that certain Property known as:, Georgia. O N LY1. Application.

How to fill out conventional loan contingency

How to fill out conventional loan contingency

1. To fill out a conventional loan contingency, follow these steps:
2. Begin by reviewing the terms of your loan agreement provided by the lender.
3. Understand the specific conditions and deadlines for the contingency period.
4. Provide all required information accurately, such as your personal details and loan amount.
5. Ensure you have a thorough understanding of the loan terms and conditions before agreeing to them.
6. Fill out the contingency form provided by your lender, ensuring to provide the necessary information and signatures.
7. Review the completed form carefully to avoid any errors or omissions.
8. Submit the filled-out contingency form to your lender within the specified deadline.
9. Keep a copy of the filled-out form for your records.
10. Monitor the progress of your loan application and stay in contact with your lender for updates.
11. If any issues or concerns arise during the contingency period, communicate with your lender to address them properly.
12. Remember, it is important to seek legal or professional advice if you have any doubts or questions during this process.

Who needs conventional loan contingency?

1. Conventional loan contingency is needed by individuals who are applying for a conventional loan to finance a purchase or refinance a property.
2. It is a safeguard that allows borrowers to back out of the loan agreement without facing penalties or losing their earnest money deposit if certain conditions are not met.
3. Such conditions may include appraisal values, loan approval, interest rates, property inspection results, or any other specific requirements mentioned in the loan agreement.
4. While not everyone may choose to include a conventional loan contingency in their loan agreement, it is generally recommended for borrowers to protect their interests and avoid potential financial loss.

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What is conventional loan contingency?

Conventional loan contingency is a clause in a real estate contract that allows the buyer to back out of the deal if they are unable to secure financing.

Who is required to file conventional loan contingency?

The buyer is required to file conventional loan contingency.

How to fill out conventional loan contingency?

To fill out conventional loan contingency, the buyer needs to outline the terms under which they can cancel the contract if unable to secure financing.

What is the purpose of conventional loan contingency?

The purpose of conventional loan contingency is to protect the buyer from being obligated to purchase a property if they are unable to obtain financing.

What information must be reported on conventional loan contingency?

The information that must be reported on conventional loan contingency includes the specific financing terms, loan amount, interest rate, and any deadlines for loan approval and funding.