Contracts
A New Hampshire purchase and sale agreement contingency for financing typically requires the buyer to:
AHave cash reserves equal to 20% of the purchase price
BObtain a written mortgage commitment by a specified date✓ Correct
CPay points to the lender before the contract is executed
DUse a lender approved by the seller
Explanation
A financing contingency protects the buyer by requiring that a written mortgage commitment be obtained by a certain date. If financing is not secured, the buyer may withdraw and receive a deposit refund.
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