The mortgage contingency clause is one of the most important clauses in real estate contracts. However, many attorneys don’t bother to read it. This is a mistake since the terms of the clause, which may differ from contract to contract, can have an immense impact on your client.
In this program, Alexander Novak and Kim Juhase, provide an overview of this clause and discuss the problems that can arise if the wrong language is used. In the second half of the program, they examine possible ethical problems that might arise in real estate transactions. They also provide a discussion of New York law for those who are dually admitted.
By the program’s end, Juhase and Novak aim to answer the following questions:
What are the best terms for the Buyer or the Seller?
To whom must the Buyer apply for a mortgage loan and in what time period?
Do conditional commitments satisfy the contract?
What happens when a mortgage commitment is revoked by the lender?
How can one avoid malpractice or a grievance complaint in real estate transactions?
KIM STEVEN JUHASE, ESQ., partner at Novak, Juhase & Stern, LLP, graduated from New York State University at Albany cum laude in 1974 and from Brooklyn Law School in 1977. Mr. Juhase was the Executive Editor of the New York International Law Review and Editor in Chief of the Brooklyn Barrister and the Corporate Counsel Reporter.
He has written numerous articles dealing with international litigation and civil court practice. Mr. Juhase has served as the Secretary of the New York State Bar Association’s Civil Practice Law and Practice Committee, and is admitted to all State and Federal Courts in New York & New Jersey
Alexander Novak has represented professionals in high profile white collar crime matters including obtaining complete immunity for a co-conspirator in the largest insider trading case in US history, US v. Martoma, and recently obtained acquittals of two doctors in a medical insurance fraud case. Also he has represented defendants before State and local prosecution of Medicaid Fraud and other government sponsored programs plus DUI cases, drug possession and bank fraud. His civil litigation clients’ legal problems reflect his criminal practice where he represents defendants and plaintiff engaged allegedly in various civil fraud, RICO and large breaches of contract in the buying and selling of businesses.
Mr. Novak has appeared on CBS Market Watch discussing Wall Street shenanigans and his firm has been mentioned in Time Magazine, Money Magazine, Wall Street Journal and New York Law Journal. He is admitted to all State and Federal Courts in New York and Court of Federal Claims where he sued the US Army. He graduated from the University of North Carolina with Highest Honors in 1976, from Brooklyn Law School magna cum laude in 1979.
Very interesting and informative.
I like the case law cites, not just generalities
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