Conn. Gen. Stat. § 49-5b

Current with legislation from the 2024 Regular and Special Sessions.

Section 49-5b - Required information in a mortgage contingency clause

Any mortgage contingency clause included in a bond for deed or a written agreement for sale of real estate which conditions the purchaser's performance on his obtaining a mortgage from a third party shall satisfy the provisions of section 52-550 if such mortgage contingency clause contains at least the following:

(1) The principal amount in dollars of the loan the purchaser must obtain to fulfill such contingency;

(2) the limit of the time period within which a commitment for such loan must be obtained, and

(3) the term of the mortgage expressed in years.

Conn. Gen. Stat. § 49-5b

(P.A. 76-69, S. 1, 2.)

Cited. 177 C. 569; 202 Conn. 566; 220 C. 553; 232 Conn. 294. Cited. 23 CA 579.