Traps for the Unwary in an Environment of Rising Interest Rates In the vast majority of Financing Addenda I’ve seen — along with the Inspection Contingency, the two critical Addenda in a Purchase Agreement — the Buyer’s agent fills in the blank above with the word “market.” When rates are stable or falling . . . no problem....Read More
True (Non)Confessions First, my definition of “dumb”: something that adds nothing to the contract — or worse, confuses things. In the former category? The line on the Financing Addendum where the Buyer is supposed to fill in the maximum interest rate on the mortgage they’re applying for (to buy the home). Too low an interest...Read More
