- 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.
Womanspace's Annual Communities of Light Event on December 2nd is a public awareness project and fundraising campaign to benefit victims and survivors of domestic violence and sexual assault. Edwin Schmierer, Director with Mason, Griffin & Pierson is a member of the Board of Directors of Womanspace and the firm is a sponsor of the event. More information at womanspace.org
Mason, Griffin & Pierson is a sponsor for the December 5th Holiday Super 50/50 Raffle & Cocktail Party. This year's celebration takes place at River Rock Restaurant & Marina Bar in Brick, New Jersey. Dottie's House provides programs and services for survivors of domestic violence. For more information go to dottieshouse.org
Mason, Griffin & Pierson continues its support of youth basketball programs in the community. For more information on the Dillon Youth Basketball League go to the Princeton Recreation Department at leaguelineup.com. For information on the Montgomery Basketball Association go to montgomerybasketball.com
The staff of Mason, Griffin & Pierson is pleased be part of the effort to collect new, unwrapped toys for children this holiday season. Toys of Tots is a program run by the United States Marine Corps Reserve which distributes toys to children in need. To add to MG&P's collection, you can drop off toys at our office by Friday December 6, or for more information go to toysfortots.org