Conditions on home offer

[aidan24]

If you make an offer for a home, conditional on inspection and financing, and say inspection doesn't check out or financing doesn't work out, do you get your deposit back?

[YYC27]

Yes.

[sslinn]

Yes, if you don't lift the conditions you get your cash back.

Financing condition may be extended though and there may be some negotiation on the price if you are concerned about something on the inspection.

Good luck!

[Kid A]

someone correct me if I'm wrong; but in terms of financing, isn't there a 5 or 10 day window for that? if they accept, you have 5-10 days to come up with financing, any longer and you lose deposit?

[sslinn]

Generally there is a condition date for financing and inspection and they are usually the same day.

It can be any number of days you pick, but obviously the sellers would be more interest in accepting offers with less time for conditions to be removed. Your realtor should help you out with that.

If you don't lift both conditions you get your deposit back. When you put in the offer it is conditional on your getting the financing that you require and the property passing the inspection to your satisfaction.

[poop_on_you]

You can write whatever you want in the contract as long as the seller signs it.