Pre-Approval Letter Sample Clauses
A Pre-Approval Letter clause outlines the requirement for a prospective buyer to provide documentation from a lender confirming their financial ability to obtain a mortgage. Typically, this letter must be submitted to the seller within a specified timeframe, demonstrating that the buyer has undergone a preliminary credit and income review. The core function of this clause is to assure the seller of the buyer’s seriousness and financial readiness, thereby reducing the risk of failed transactions due to financing issues.
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Pre-Approval Letter. Within fourteen (14) calendar days after the Agreement Date (the “Pre-Approval Deadline”), Buyer will provide Seller a letter from Lender confirming that Buyer is qualified to obtain the Loan pursuant to the Loan Application, subject only to (a) Substantial Completion of the Property (as defined in 5(f)(i) below); (b) the final appraised value of the Property; (c) satisfying Lender’s loan- to-value ratios; and (d) no materially adverse change occurring in Buyer’s financial condition prior to the Settlement Deadline (the “Pre-Approval Letter”).
Pre-Approval Letter. Buyer has attached a copy of a Pre-Approval Letter from Buyer’s Lender; Buyer does not have a Pre-Approval 73 Letter at the time of making this offer; Buyer agrees to secure a Pre-Approval Letter and provide a copy to Seller as follows: