Connecticut § 49-5b Required information in a mortgage contingency clause.

Connecticut Statutes

§ 49-5b — Required information in a mortgage contingency clause.

Connecticut·Title 49 Mortgages and Liens·Ch. 846 Mortgages

Any mortgage contingency clause included in a bond for deed or a written agreement for sale of real estate which conditions the purchaser's performance on his obtaining a mortgage from a third party shall satisfy the provisions of section 52-550 if such mortgage contingency clause contains at least the following:

(1)The principal amount in dollars of the loan the purchaser must obtain to fulfill such contingency;

(2)the limit of the time period within which a commitment for such loan must be obtained, and (3) the term of the mortgage expressed in years.

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Any mortgage contingency clause included in a bond for deed or a written agreement for sale of real estate which conditions the purchaser's performance on his obtaining a mortgage from a third party shall satisfy the provisions of section 52-550 if such mortgage contingency clause contains at least the following: (1) The principal amount in dollars of the loan the purchaser must obtain to fulfill such contingency; (2) the limit of the time period within which a commitment for such loan must be obtained, and (3) the term of the mortgage expressed in years.

Connecticut § 49-5b (Required information in a mortgage contingency clause.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.