My question is, our deal is nearing the 30 contingency period and the load application is almost approved besides the bank property inspection. However our due diligence uncovered some soil contamination and we might break the deal? Do we still have to pay for the loan application, appraisal, or anything having to do with the loan? I mean basically,we waisted their time....
2007-09-12 06:57:20 · 9 answers · asked by Chris R 1 in Business & Finance ➔ Renting & Real Estate
depending on the contract you may very well lose your deposit and pay for all the subsequent fees from the seller and lender..its hard to say with knowing what the terms are
2007-09-12 07:28:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You definitely have to pay for the loan application fee, but I'm sure you have already paid that. Other than that, then you are pretty much free and clear.
call the laon company immediately, and advise them of the problem. They wont approve the loan anyway if there is a contamination issue.
2007-09-12 07:04:26 · answer #2 · answered by patrick 6 · 0⤊ 0⤋
Commercial loans are totally dictated by your purchase agreement. Did it require an E.P.A. environmental impact study ? Also, if included, who was responsible for the cost ? Most loan applications ( commercial), make the purchaser responsible for appraisals. Read your disclosures as every state varies as to responsibility. Good Luck !
2007-09-12 07:07:54 · answer #3 · answered by diesel6999999 3 · 1⤊ 0⤋
Chris that is the chance you take in buying any property. Yes you will need to pay for those items. However, if you plan to purchase another property, your lender may wave these fee's. Doesn't hurt to ask.
2007-09-12 07:01:54 · answer #4 · answered by Alterfemego 7 · 0⤊ 0⤋
I'm not too sure, but whoever is causing the deal to not to materialize is the one to pay for the inspection, appraisal, and other legal matters.
2007-09-12 07:07:32 · answer #5 · answered by earth angel 4 · 0⤊ 0⤋
Send a bill to the current property owner for all of your expenses. You helped him discover a problem.
2007-09-12 07:04:00 · answer #6 · answered by regerugged 7 · 0⤊ 0⤋
Look for a liquidated damages in the contract. I am sure that it is outlined in there somewhere what happens in these circumstances.
2007-09-12 07:02:19 · answer #7 · answered by Tireless 2 · 0⤊ 0⤋
Without the contract, this cannot be answered. However, I suspect you will pay and probably forfeit any deposit. This is, unless you can prove fraud.
2007-09-12 07:04:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋
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2007-09-12 07:03:04 · answer #9 · answered by Cash 1 · 0⤊ 0⤋