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Finance Approval will be due on the date specified in the Contract. If a Buyer does not confirm finance approval by 5:00 pm on the due date, the Seller can terminate the Contract and then sell the Property to another Party. Any deposit paid will be refunded to the Buyer.
If you have made your Contract subject to finance you must take immediate and reasonable steps to get a finance approval.
A verbal approval or a pre-approval IS NOT approval for the purpose of the Contract. Approval is the written letter to you stating that your application for the loan has been approved. You should provide a copy of this letter to us immediately.
It is important that Buyers immediately make sure that when their financier has approved their loan in writing, that they advise their solicitor immediately. Buyers should check that their finance approval is not subject to any major conditions such as valuation or mortgage insurer’s approval.
A lot of times when Buyers do not have approximately 20% of the value of the property in cash or other security, a bank will require the loan to be approved by a mortgage insurer. The mortgage insurer will have a number of requirements, the most common of which is a valuation.