Asked by Sc, Brooklyn, NY • Thu Aug 21, 2008
Hello, we are currently in contract for a house (1st time home buyer here). We have a mortgage commitment with the rate locked in (we even bought down a the rate for a point). Right now though, the two family house we were going to buy suddenly came back as a one family house (C/O, which said it is an one family house, was misfiled by the city, hence we relied on tax records to see if it was a two family house or not). Since this is not what we were walking into and an attorney friend told us we have a strong case to get out of the deal because of mutual misunderstanding, we were wondering if there is any penalty to not borrow the money from the bank if the closing falls through. Basically, is there a cancellation penalty with the bank once they offer a firm commitment?
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