How does a buyer get out of a home purchase if the offer was conditional on financing? Offers have been accepted buy the

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Customer: How does a buyer get out of a home purchase if the offer was conditional on financing?
JA: What steps has the buyer taken so far? Have they prepared or filed any paperwork?
Customer: Offers have been accepted buy the seller and currently we are in the 5-day period for conditions to be fulfilled (financing and home inspection)
JA: Where is the home located?
Customer: London, Ontario
JA: Anything else you want the Lawyer to know before I connect you?
Customer: The condition wording is: This Offer is conditional upon the Buyer arranging, at the Buyer's own expense, a new first
Charge/Mortgage satisfactory to the Buyer in the Buyer Sole and absolute discretion. Unless the Buyer
gives notice in writing delivered to the Seller personally or in accordance with any other provisions
for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than
five (5) business days from the acceptance of this offer, that this condition is fulfilled, this Offer
shall be null and void and the deposit shall be returned to the Buyer in full without deduction. The
Seller agrees to co-operate in providing access to the property for the purpose of appraisal if need it.
This condition is included for the benefit of the Buyer and may be waived at the Buyer's sole option by
notice in writing to the Seller as aforesaid within the time period stated herein.
Answered by Lawyer3786 in 3 hours 1 year ago
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Lawyer3786, Expert

Good evening, I am one of JA's expert lawyers and will attempt to assist you. However, please note that the information provided on this site is for general purpose only and does not form a solicitor-client relationship. The simple answer to your question is that the buyer would simply not waive the conditions. And when the conditions are not waived in the specified time period, the contract is null and void and the buyer is out of the deal. The financing condition is sort of a carte blanche for the buyer and it can be used to get out of the deal by saying financing did not come through, regardless of whatever the actual reason of wanting to back out of the deal might be. Does this make sense? Any further questions?

Perfect, thank you very much for your help!

Lawyer3786, Expert

You are very welcome. Thank you for using JA and please feel free to start a new request if you have any questions in the future. Thanks.

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