Unless the Buyer gives notice in writing delivered to the Seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than p.
The Seller agrees to co-operate in providing access to the property for the purpose of this inspection. So in the case of somebody who changes his or her mind, you can submit your deposit cheque, wait out the second business day, and then not waive your condition. Think about that exercise where you fall backwards with your eyes closed, knowing your partner will catch you. So back to our situation where a buyer is making two offers on two properties, with the intention of only buying one.
If those offers were both conditional, and both were accepted, then the buyer could take the steps above, and get out of one deal. In the case of my Thompson Residences experience, the listing agent was going to submit two unconditional offers. Save my name, email, and website in this browser for the next time I comment.
Post Comment. I think most sellers would think this maneuver is illegal. How can you just walk away without proof that the condition has not been met? But the language is actually very clear. It reminds me a bit of those poorly worded voting measures where the vote is to NOT do something, so by voting yes, you are actually voting against the issue, and vice versa. But if you read carefully then it becomes obvious.
Besides I believe in karma so if you try to pull something like this know that your girlfriend will leave you, your dog will die, and lightning will strike you….. If you want to put in 2 offers,,, make it a plain buyer approval condition for as short period as possible,, like one or two hours.
The way the conditions are written, as I provided in the blog post above, allows the buyer to simply NOT provide a waiver, and the deal automatically terminates. I would say new builds have more problems than resale the way builders are building, unfortunately.
Hi David, with regards to your example in the post, you are saying that the buyer can insert an inspection clause, provide the deposit, and then let the agreement expire and they would not be in breach of contract. Would the buyers not also have to actually perform an inspection even if it is just for optics , in order to prove they had intent to close, and then say they were not satisfied with the report?
The Supreme Court has recognized a duty of good faith in contractual performance which the above may run afoul of. If the seller really wanted to push the matter and litigate, you may have to produce evidence that you refused to waive this condition for a reason. But why not transact with him? Either he closes on your deal or he is in breach with your deal, in which case, you have a right for the deposit client probably has to sue but still.
Then you turn around and re-sell. What is the downside here? What did your client initially think of the situation? In your price range.
Check out open houses in the same neighbourhood or go online to see if your expectations are realistic. GTA properties were on the market an average of 15 days in July. That gives you time to look around before you take the plunge.
The reality is, sooner or later, you can expect to be greeted by a bidding war for a highly desirable property in a neighbourhood where you want to live. See if your realtor has a feel for what the seller wants. It might not be all about the money.
A quick closing could seal the deal if they are moving or school starts soon. If you must put in a bid, limit it to one property at a time. Putting in an agreement of purchase and sale is serious business.
Legal contracts rely on good faith and fair dealing. Not only could you be held to your offer, you could lose your deposit and even be taken to court. It could be something as illogical as they like you better. Think of their property as their baby. Getting the price right is important. You could also try negotiating with the seller. With the deal on the line, they might be willing to come down, especially when confronted with the real value of their home.
You may be better off to go ahead with the purchase and outwait the job market. You can always sell, rent or take in extended family to help with the mortgage payments. Backing out of an agreement of purchase and sale seems like it should be simple enough. Like any legal contract, whether you can actually do it depends. The seller may be only too willing if they have multiple offers as rich as yours. However, while finding a home to purchase, we find ourselves stuck at the mercy of the seller that takes their own sweet time to reel in all offers- typically way over asking price.
Should I as a buyer just sit back and wait until a seller could potentially not accept my offer and run the risk of not being in the running for other properties? Are … Read more ». I totally agree I am In the same situation as you are, buyers are in the dark when it comes to sellers not obligated to disclose other offers on the table, so do I sit here at idle while the seller makes their mind up, while other potential homes I could have submitted an offer pass me by?
I love this answer! Many of these items that are both allowed and legal would offend many in and out of the business. With that said, in my nearly 40 years of being full time in the industry, I have had many instances where a buyer has written multiple offers with the intention of proceeding with the favorite of the accepted offers. While I have never done this with a buyer I have been on the … Read more ». I have yet to see a good reason for doing it and have never lost a Client for refusing to do it.
Good point, Larry! It seems like the opinion from TAR leaves out a whole lot on this subject. In any case, the Option Fee ought to be set at a high bar, for the privilege of cancelling on a seller who acted in good faith. But beware: because most buyers who … Read more ». As an agent since , I strongly discourage making multiple offers. That said, there are instances where it may be necessary. One is a client who is relocating, is only in town for a couple of days, must find a house and the market is hot.
In such situations it may require 2 or even 3 offers simultaneously to get one accepted. The are other similar cases that it may … Read more ». So I guess it comes down to how you define fair and honest. I agree that entering purchase contracts on multiple properties at the same time, with the intention of terminating some of them is not the most ethical course of action. However, the question skips the step between submitting an offer and the offer being accepted.
In most cases, making OFFERS on multiple properties, and then withdrawing the other offers once the first one is accepted can be perfectly fine.
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