A mortgage contingency clause is a clause in a contract that allows the buyer to go out and get a mortgage to purchase a property. It's very important, because the buyer, if they don't get a mortgage, and they cannot purchase a property, and it's no fault of their own, they might be able to cancel the contract and get the deposit back. It also protects the seller, because it guarantees that, at the closing, there's going to be sufficient funds for the buyer to purchase a property.

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