Page 8 - Purchase Contract Guide

Financing

2f Lines 90-92 Unless previously completed, within three (3) days after Contract acceptance Buyer shall (i) provide Lender
with Buyer’s name, income, social security number, Premises address, estimate of value of the Premises, and mortgage loan
amount sought; and (ii) grant Lender permission to access Buyer’s Tri-merged Residential Credit Report.

2j Lines 100-102 Specifies the amount that Seller agrees to pay for the Buyer’s loan costs including pre-paids, impounds and
Buyer’s title/escrow closing costs; in addition to other costs Seller has agreed to pay.

2k Lines 103-106 Buyer is required to notify the Seller of any changes to the loan described in the LSR. Failure to do so may
remove Buyer’s loan contingency protection.

2l Lines 107-110 If the premises fail to appraise for the Sales Price, Buyer has five (5) days after notice of the appraised value
to cancel this Contract and receive a refund of the Earnest Money or the appraisal contingency shall be waived.

If the Buyer does not cancel the Contract in writing within five (5) days after notice of the appraised value, Buyer has waived
the appraisal contingency. Therefore, if Buyer cannot close escrow because of the appraisal, they will forfeit their earnest
deposit.

SECTION 3 - Title and Escrow

3a Lines 115-116 Title and Vesting – Buyer should seek sufficient counsel on the methods of taking title.
Neither agents nor escrow can advise.
Agents need to remember that escrow must know the marital status of the Buyer(s) in order to properly prepare documents.

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