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Real Estate Offer to Purchase – Mortgage Financing Conditions etc.

When buying a home, your real estate agent will often place conditions in an offer to purchase that allow for acceptance subject to further acts being carried out. The most common conditions placed in offers allow buyers time to obtain their real estate financing commitment from a mortgage lender and to also have a home inspection carried out. The timing of these two conditions usually flow in this order since the real estate agent often recommends that you first know you have been approved for mortgage financing before you pay for a home inspection.

Such clauses often read ” This offer to purchase is conditional upon the buyer obtaining satisfactory mortgage financing…failing which this offer will become null and void and the buyers deposit will be returned in full etc…” followed by “This offer is conditional upon the buyer being satisfied with the findings of a home inspector…within 4 days of removal of the mortgage financing condition…etc”

Naturally, a seller must agree to these terms and often does unless confronted with competing offers that may have better terms and conditions or if presented with other circumstances or information.

Once conditions are met your agent will have you sign a waiver form, as they must be removed within the time period allotted for the sale to become firm.

These are just examples and there may be other conditions that need to be included in a real estate offer to purchase and your real estate agent can help you determine that.

Article courtesy of iREx.ca

Bill Stobbe

Born and raised in Owen Sound, Bill spent nine years in Toronto working in the advertising and marketing industry. In 1998, Bill returned to his roots to be close to family and to raise his own family. Bill has been helping his valued clients buy and sell real estate since 2003 and has been a consistent top producer in the office. In 2012, Bill left his previous brokerage and started eHomes Realty to address the needs of the ever-changing real estate industry. eHomes Realty is a fast growing, full service brokerage that embraces the latest technologies to streamline the real estate process and in turn, provide relief to sellers with lower commissions. The real estate industry is changing and eHomes Realty is leading the way. For honest, friendly service, give Bill a call for all of your real estate needs.

Bill Stobbe, Broker of Record

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