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A mortgage contingency is a clause in real estate transactions that gives home buyers a timeframe to secure a mortgage loan for a home. If the loan cannot be secured, for some reason, a buyer can walk away without legal repercussions and have their earnest money deposit returned. But first of all, the buyer and seller must agree on the timeframe in which the buyer needs to secure mortgage approval. A contingency period typically lasts anywhere between 30 and 60 days. If the buyer is not able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.

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