Financing Conditions should soon be considered for the Toronto market. Often, that will be the person with the most amount of money, but they just have to check for sure.
If you are a Buyer and you simply have “pre-approval” for financing from a Bank, this is the clause that you need:
FINANCING
This Offer is conditional upon the Buyer arranging, at the Buyer’s own expense, a new first Charge/Mortgage satisfactory 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.
The Bank will need about 3 to 5 days to get this done.
Brian Madigan LL.B., Broker