Wednesday, December 13, 2017 20:20

Lawyer-Video4

Q.  In a hot market sometimes clients are asked to have no conditions on their purchase agreement, is this a wise thing to do?

A. Conditions are there to protect you as the purchaser. Some of the most common conditions are condition on a satisfactory home inspection by someone obtained by the purchaser.  Another is that the purchaser is able to receive appropriate financing to afford the purchase. When you waive those conditions or when you don’t have those conditions put into the agreement if there is a problem when you have a home inspection and you find some significant or troubling features about the property that you didn’t know about or if you find out that you will not be able to obtain financing for a number of reason. If you don’t have those conditions you are going to be sacrificing your deposit that you placed and deposits can range from 1% to 20%. So basically if you are willing to sacrifice your deposit if something is found out or if you aren’t able to receive financing then you can have no conditions, otherwise, it is not advisable.

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