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®*'ss Eileen M. Day
FINANCE CLAUSE
LIMITS
One of the key clauses in the agreement to purchase a home is the one concerning obtaining financing by the buyer. Contract forms usually spell out the financing details of the transaction at great length with spaces for the principal, interest rates and other loan terms. Some forms obligate the buyer to pay either a specified level of interest or, if that cannot be obtained, “the best available rate.” In a rapidly dunging market when rates are rising, such language may force the purchaser to pay far higher interest costs than originally expected.
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