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Mr. Buyer: Once you have found the right house and agreed on a price, you and the seller will sign a contract, obligating him to sell and you to purchase at that price ,< provided a mortgage can be obtained. Generally you will make a deposit, usually placed in escrow and later applied toward the down payment.
The contract usually is a preprinted form, subject to amendments and additions. Thus, any verbal promises made during the bargaining should be written into the contract.
Usually, the contract will specify a time limit within which the purchaser must obtain a mortgage. It should specify that in the event such a commitment is not secured the seller must re
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