What must a buyer do to terminate the contract if the property does not satisfy the buyer’s lender’s underwriting requirements for the loan?

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  • What must a buyer do to terminate the contract if the property does not satisfy the buyer’s lender’s underwriting requirements for the loan?

To terminate the contract based on failure to obtain property approval, the buyer must, not later than three days before the closing date, give the seller a written notice of termination and a copy of a written statement from the lender setting forth the reason for the lender’s determination.

Source: TAR

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