In Pa., getting out of an agreement of sale due to rate - 2004-02-29
Question: We have an agreement of sale in place to acquire a home, with a contigency that we get an 80/20 mortgage with a first rate of less than 7 percent and a second mortgage no greater than 7.5 percent. Are we bound to this agreement of sale? Our real estate agent says we are.
- D.V.
A: After discussing this with my team of experts, we decided that without actually reviewing your agreement, we can only provide an answer based on the assumption that you are working from a Pennsylvania contract.
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