If you chose to include several conditions stacked in one clause, that clause might appear as follows:
“This Offer is conditional upon:
- Inspection. the inspection of the subject property by a home inspector at the Buyer’s own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer’s sole and absolute discretion.
- Solicitor. the approval of the terms hereof by the Buyer’s Solicitor.
- Mortgage. 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.”
The next step is moving towards an “unconditional Agreement”, often inappropriately referred to as a “firm Offer”. First, it’s no longer an Offer, it’s an actual Agreement. Second, it’s already firm, it’s just subject to some conditions.
So, let’s waive the stacked conditions. That might appear as follows:
“The Buyer hereby waives the following conditions:
- Solicitor Approval, and
- Mortgage Financing.”
While many other clauses are rather elaborate, this is really all you need. You don’t have to say that the Buyer will close the deal on the closing date. That’s a given.
Realistically, there isn’t anyone who cannot figure out what this clause means.
Brian Madigan LL.B., Broker