It is important to stay on top of the Mortgage Commitment Date with your Lender to ensure you receive your commitment letter by the date stated in the Purchase & Sale. If for some reason the Lender is not able to obtain your commitment by the specified date your Attorney will need to ask for an extension to protect your deposit. Most Sellers will grant the extension which is usually a matter of days. If for some reason the Seller refuses, then your Attorney would request your deposit back and the deal would be over. It is important to stay within the previously stated windows or have your Attorney request any extensions needed in order to avoid putting your deposit in jeopardy.
Contact Rachel Bodner to help you buy your home and learn more about the Buying process in Massachusetts.