Question:
When do you use notice to remove condition? And what is the difference between waiver and removing condition. The Course suggests that in lieu of a Waiver, you can use a Notice of Fulfillment?
Answer:
The Notice to Remove a Condition is used to implement an Escape Clause.
Let’s assume that the Buyer has a Condition for 60 days allowing them to sell their own property. Usually, the Seller will have an Escape Clause, saying if the Seller gets another Offer, then the Seller can give 2days notice to the Buyer to “firm up”. That’s the Notice to Remove a Condition.
If you have financing or home inspection conditions, then you have your choice, you can use either the Notice of Fulfillment (NOF) or the Waiver. Both make the deal “unconditional”. No one’s a mind reader here. The NOF doesn’t mean you are over the top happy with the home inspection report or got a mortgage at rates that you really like. The Waiver is sufficient.
Brian Madigan LL.B., Broker