An Ontario buyer's offer includes a standard financing condition: unless the buyer gives written notice that the condition is fulfilled by 5:00 p.m. on March 15, the offer is null and void. The buyer cannot arrange financing and gives no notice by the deadline. What is the result?
Correct Answer
A) The agreement becomes null and void under its own terms
The standard Ontario condition says the offer is null and void unless the buyer gives written notice of fulfilment (or waiver) by the deadline. Silence therefore ends the agreement; it does not make it firm, and there is no automatic extension. Any extension needs both parties to agree to amend the agreement.
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A buyer submits an offer with a financing condition that expires in 5 business days. On day 3, they receive mortgage approval. What should happen next?
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