Once the contract is signed, the Purchaser may, depending on the terms of the contract, apply for a mortgage and use the proceeds of the mortgage as part of the purchase price of the property. Contracts of sale may have a mortgage contingency clause which means that in the event the Purchaser is unable to get a mortgage, his contract deposit will be refunded. If there is no mortgage contingency clause, the Purchaser may still seek a mortgage, however if Purchaser is unable to obtain a mortgage he will still have to attend the closing with all funds necessary to close the transaction. The Purchaser usually will use a mortgage broker to assist in obtaining a mortgage. Sometimes Purchaser will obtain a mortgage directly from his or her bank. A Purchaser’s attorney will often assist with the mortgage application process.
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