Appraisal Conditions have now returned to the Toronto market in some locations. There are areas where the prices are escalated 20% per year, over two years back to back. Are those prices sustainable?
If you are a Buyer and you simply have “pre-approval” for financing from a Bank, this is the clause that you need:
This Offer is further conditional upon the Buyer arranging, at the Buyer’s own expense, a satisfactory Appraisal to the Buyer in the Buyer’s 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 5:00 p.m. on day/month 2022, 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. 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.
This is in addition to the Financing Condition.
This appraisal clause will actually be helpful to the Seller.
Brian Madigan LL.B., Broker