Sec. 49-5b. Required information in a mortgage contingency clause.
94 words·~1 min read·
/ct/title-49/chapter-846-mortgages/49-5b·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.