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What happens if the buyer cannot obtain a mortgage?
We have received a deposit on our property in spain,contracts were to be signed 31 Jan 2009, as a mortgage was not secured we agreed to extend the completion time but did not agree another date,the purchaser has been refused 2 mortages, and is in the process of trying to obtain one from another bank. What is the procedure if this mortgage is refused? Thanking you for any information you can give us.
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