Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Don't Get Caught Holding a Conditional Loan Approval at Closing
With rising interest rates and more stringent lending standards for both residential and commercial properties, security deposit disputes caused by buyers' inability to satisfy pre-closing purchase-financing conditions are also increasing.
A typical real estate contract provides a 30-day period from the contract's signing for the buyer to obtain purchase financing. The contract often specifies basic loan terms that the buyer will seek to obtain from a lender, including: the loan amount, whether the loan is conventional or otherwise, the interest rate and whether the interest rate is fixed or variable.
During the loan approval period, the buyer is usually required to exercise good faith in obtaining a loan on the terms set forth in the purchase contract. If the buyer cannot obtain a loan during the loan approval period, despite the buyer's good-faith efforts, the buyer may provide written notice to the seller of the contract's termination prior to the expiration of the loan approval period. Otherwise, the financing contingency disappears, and the buyer will be required to close, regardless of the availability of financing, or risk losing the deposit.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?