A buyer submits an offer with a condition for financing approval by 5:00 PM on Friday, March 15th. The buyer's mortgage is approved on Thursday, March 14th. What should the buyer do to proceed with the purchase?
Correct Answer
B) Deliver written notice of fulfillment before the deadline
A condition does not remove itself: the buyer must tell the seller in writing, before the deadline, that the financing condition has been fulfilled. In Ontario practice this is done with a notice of fulfillment of the condition; a waiver is used instead when the buyer gives up a condition that has not been met. Once written notice is delivered in time, the agreement becomes firm.
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A buyer includes a home inspection condition in their offer that states 'subject to buyer's approval of a home inspection.' What type of condition is this considered to be?
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