- Of Counsel
The real estate market has been charging back from the Recession of 2008. Real property values have increased and with the economy continuing to improve, those considering purchasing new homes have begun to do so and take advantage of continued, historically low mortgage interest rates.
Whenever a contract of sale is signed by a purchaser, care should be taken with regard to the mortgage financing contingency. Not only does the purchaser have to determine the amount of the mortgage loan she or he will require, but they should also be concerned that the property will support the mortgage loan. This is determined when the lender, following the filing of a mortgage application, orders and obtains an appraisal of the real estate. Lately, it is not uncommon to see buyers who fail to qualify for their mortgage loan as a result of a real estate appraisal that was below the agreed-upon purchase price.
To minimize disputes over the termination of the contract of sale due to the failure to obtain a mortgage commitment, we advise our clients to attempt to negotiate with the seller additional contingency language as it pertains to the mortgage loan. The contingency language would protect the purchaser should the property appraisal amount be lower than the purchase price.
The firm is pleased to be a sponsor of the Big Brothers Big Sisters Mercer Annual Golf Classic. The May 20th fundraiser is at Cherry Valley Country Club in Skillman, New Jersey. Big Brothers Big Sisters provides children facing adversity with strong and enduring, one-on-one relationships. For more information go to bbbsmercer.org.
Mason, Griffin & Pierson is a supporter of the May 3rd Corner House Foundation Spring Benefit. The event is at the Mercer Lake Boathouse and honors Lance Liverman. Corner House Foundation supports the mission of Corner House Behavioral Health. Corner House addresses issues of alcohol and drug abuse through prevention, treatment, and outreach programs. See cornerhousenj.org for more information.
On Saturday May 4 (rain date May 5), the Township of Harrison hosts its annual family entertainment event taking place on Main Street in Mullica Hill, New Jersey. Mason, Griffin & Pierson is a sponsor. For more information go to visitnj.org.
Mason, Griffin & Pierson is a sponsor of the May 11th "Home Springs Eternal" Gala. The event will raise funds for the construction of approximately twenty new affordable rental homes in Princeton. The event will be held at the Mercer Lake Boathouse in West Windsor. See www.pchhomes.org for more information.
Mason, Griffin & Pierson is a sponsor of Montgomery Rocky-Hill Rotary Club's annual community charity event, Run With Rotary. The event takes place in Skillman Park, Skillman, New Jersey. The day begins with a 5K road race and one-mile walk/ramble followed by a free "Earth Day Fair." Register online at runwithrotary.org.
Mason, Griffin & Pierson is a sponsor for the May 23 Womanspace "Barbara Boggs Sigmund Award" dinner and fundraising event honoring Tony Porter, CEO of A Call To Men, for his efforts to prevent violence against women. Womanspace is a nonprofit organization that provides counseling and housing for women and their families who are impacted by family violence. Firm Director, Edwin Schmierer is a member of the Board of Trustees of Womanspace. For more information go to womanspace.org.