Buyer Clauses Must Be Used Honestly
When buyers use conditional clauses, they must be used legitimately or else the buyer may find that they are not allowed to cancel a conditional offer. Most offers to purchase typically include one or several conditions such as,, conditional on home inspection, finance, status certificate, lawyer, survey and so on. Conditions are expected to be used in good faith but are sometimes used less than honestly or are misunderstood as a means to cancel an agreement of purchase. The buyer, if requested needs to be able to demonstrate where they could not satisfy the condition, otherwise they could be held in breach of contract. The buyer could be liable for damages and worse held liable for any difference in price if the home is subsequently sold at a lower price.