The condition of financing is usually quick to fulfill as most buyers have already seen a mortgage broker and have been pre-approved. You will just need to visit your mortgage broker and they will begin the final approval process. The common range of time for this condition is 5-7 business days.
The inspection will take place on a pre-agreed upon date by both parties and will run roughly 2-3 hours. We will accompany you and the inspector to the home while he conducts his/her inspection. Following the inspection you will be handed a summary of the findings, at which point 4 things can happen:
- All will be good and you will sign the waiver.
- There might be issues you would like the seller to fix.
- You will ask for money back which has a few variables to consider and we will walk you through all of them at that time.
- There is an issue that you are unwilling to accept and are unwilling to move forward with the sale, in which case the deposit will be returned to you in full.
In the case of a condo, The Status Certificate will be ordered by the seller at their own expense ($100) and usually takes between 6-10 business day to receive. The document will then be reviewed by the buyer’s lawyer which can take 1-3 business days. This condition is for the benefit of the buyer and if everything in the document is satisfactory to you, you can go ahead and sign the waiver.
Once all the conditions have been met and the waiver/waivers have been signed the deal becomes firm and you have officially bought a home!