You've been searching for what seems like a lifetime to find the home of your dreams, then you finally find it and you want to put in an offer. We sit down, figure out the numbers and draft up the Purchase Agreement to include terms and conditions to protect your interests, one of which is the Financing Condition.
A financing condition is one of the most commonly used and important conditions, and it's there to protect the Buyer by telling the Seller that your offer to buy their property is conditional on you obtaining financing. You will already have a “Pre-approval” in place with your financial institution or mortgage broker but there will still be a length of time required by lenders to satisfy this condition, generally 10...
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