A buyer's financing condition cannot be satisfied by the condition deadline, and the buyer is not willing to buy without a mortgage. Under a standard Alberta residential purchase contract, what are the buyer's options?
Correct Answer
A) Withdraw without penalty or negotiate an extension with the seller
A financing condition is a condition precedent for the buyer's benefit. If it is not satisfied by the deadline and the buyer does not waive it, the buyer can end the agreement under its terms, normally with the deposit returned, or ask the seller to agree in writing to extend the condition day. Waiving the condition is not a realistic choice here because the buyer will not buy without a mortgage, and the contract gives no automatic extension or right to make the seller finance the purchase.
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