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Dolce Real Estate Group

  /  Buying Advice   /  6 Things You MUST Know About Conditions on Home Offers in Calgary

6 Things You MUST Know About Conditions on Home Offers in Calgary

6 Things You MUST Know About Conditions on Home Offers in Calgary

Home buying in Calgary made easy, clear and concise. Here are the four things you must know about conditions on offers to purchase a home:

They Can  Make Or Break An Offer

Every transaction is unique but typically an offer to purchase a home in Calgary has at least 2 conditions: financing and home inspection. The financing condition means that the contract is subject to the buyer securing new financing for the property. It has a set end date and time. If the buyer chooses to do an inspection on the home the contract is subject to the buyer’s satisfaction of the property inspection. This means that a buyer has the right to withdraw from an offer to purchase a home if they couldn’t get financing or found critical issues with the property.

But, You Can Save Your Deal

If the home inspection raises some flags, the buyer and seller could come to an agreement on a different purchase price to make up for the costs in fixing the issue. Alternatively, the seller could make an amendment contract to fix the issue before possession.  In this case, the seller is legally responsible to complete the agreed-upon resolution. The seller’s lawyer and buyer’s lawyer will ensure both parties uphold their legal contractions.

Waived Conditions, Usually Means a Firm Deal

Once an offer is accepted and all conditions on that offer have been waived, meaning they have been completed to the satisfaction of the buyer, the contract is legal and binding. This means that withdrawing the contract will likely result in larger fines then the costs it is to buy the property. Home sellers rest assured, this is a very uncommon occurrence.

Working with a skilled, licensed Realtor will help prevent these situations. A Realtor will guide you on any questions, concerns, or decisions you need to make to ensure you do so legally and at the lowest cost to you.

You May Be Viewing a Home That Has An Offer On It

In Calgary, Homes don’t have to go off the market when an offer is accepted. The seller can choose whether they want to stay listed as active and still accept showing. It is your Realtor’s responsibility to ask the Listing Agent if there are any offers and is protocol at Dolce Real Estate. The listing Realtor has a legal obligation to answer either yes, no, or I cannot disclose which in Lehman’s terms means there is an offer on it. At Dolce, we would then advise our client if there’re any offers on the property and what they entailed.

But The House Could Still Sell To Someone Else

A clause offer is a type of offer that allows the seller or buyer to cancel the current contract if a specified event occurs. A clause offer includes the condition of “the sale of the buyer’s property”. This means that the buyer wants to sell their current home by a specified date before your contract becomes legally binding. This is generally done when a buyers financing won’t be approved if they have two homes at the same time, so they need to offload their house before the bank allows them to transfer title to the new one. If their home doesn’t sell in the time specified in the condition, then the offer is cancelled.

 

So, You May Still Want To View A Home That Has An Accepted Offer

In the case of clause offers, if a second offer is received then the first offer has a specified amount of time that it remains valid for. Generally, 24 hours. If the seller gets another offer then the first buyers will have to decide to waive all conditions and make their deal final or drop the deal within that 24 hours. The seller is now free to accept the second offer.

We know this can all get a little bit confusing. That’s why we like to work closely with our clients to ensure they thoroughly understand every step. Your best interest is our best interest. It’s our job to make the details clear and make every step in the best direction for you.

Questions? Feel free to reach out. We’re happy to help.


Have questions about these tips? Drop a comment,
send us an email, or give us a call/text at 587-229-7108.

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