Once you have accepted an offer, you must meet the conditions by a certain date. The most common condition is being approved for financing. This means you are personally approved to borrow the amount you require; and the home being purchased is approved by the lender as having the value to support the mortgage loan. The financing and other conditions are “deemed arranged” on a certain date in your agreement. If you are not approved for financing, you must notify the Realtor who can either terminate the offer or request an extension of time on the condition date.
Another important condition is to arrange a building inspection. While the Seller will usually provide a Property Disclosure Statement, it is not intended to be a warranty for the property condition. It is a document which obligates the Seller to disclose what the Seller knows about the property, if anything. This document should never replace an inspection.
You are able to withdraw from the Agreement if you are not satisfied with the inspection by the date in the agreement.
Other important conditions are being able to obtain home insurance, conduct water and septic tests and many others.
Our property team at Arcus Legal can help you navigate through this important purchase. #FurtherTogether