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Purchase offer: clauses to watch
Financing conditions, deadlines, inspection and documents to obtain.
Thirty to forty-five days for financing
Ten to fifteen days for inspection
Time to receive the seller’s documents
The financing condition
It protects you if the loan is refused. Allow a realistic deadline to obtain it.
Deadlines to negotiate
- Thirty to forty-five days for financing
- Ten to fifteen days for inspection
- Time to receive the seller’s documents
Documents to require from the seller
Write the list into the offer. A slow seller costs you your deadline.
Why the financing deadline runs short
The clock starts at signing, not when the seller’s documents arrive.
A slow seller eats your deadline while you can do nothing.
Clauses that protect you
- Obtaining financing on acceptable terms
- Receiving and reviewing the leases
- A satisfactory building inspection
- Verification of zoning and permitted uses
- Delivery of an up-to-date location certificate
Extending a deadline
Ask for an extension in writing, before expiry. After that, the offer can lapse.
What happens if the deadline expires
The offer can lapse, or the condition may be deemed met.
The difference lies in the wording of the clause.
Read it before signing, not as the deadline nears.
