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 place 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 time of these two conditions usually flow in this order since the real estate agent often recommends that you first know you have been approved form 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 depost will be returned in full, etc..." followed by "This offer is conditional upon the buyer being satisfied with the findings of a professional home inspection on or before...."

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 ave you sign a "Notice to Remove Conditions" as all conditions must be removed within the time frame 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.  Your real estate agent will help you determine which conditions will be included in your offier to purchase.

Jo-Anne Larre

Jo-Anne Larre

CENTURY 21 Fusion
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