Mortgage Contingency
A mortgage contingency is a contract condition that ties the buyer's obligation to close to obtaining a mortgage commitment (often within a stated time and on specified terms). If the financing condition is not satisfied under the contract's terms, the contract typically sets out what happens to parties' obligations and the deposit.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Contract / Financing
- Property types
- Residential Sales
Read more in the Knowledge Base
- Contract Rider Negotiation from the Seller's PerspectiveSellers
- The Clean OfferSellers
- When to Counter vs. AcceptSellers
- Competitive Offer Structuring: Beyond Nominal PriceSellers
- Soft Pre-Approval vs. Fully Underwritten CommitmentsSellers
Related terms
Residential Sales Terms
- Agency Disclosure
- Appraisal
- Attorney Review Period
- Best and Final Offer
- Earnest Money Deposit
- Offer (Purchase Offer)
- Property Condition Disclosure Statement
- Transfer Taxes (NYS RETT, Mansion Tax, NYC RPTT)
General information, not legal, tax or financial advice.