Real Estate

Now that the market is more neutral, any other home buying clauses/conditions to keep?

  • Last Updated:
  • Aug 4th, 2017 10:23 am
Deal Expert
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Apr 21, 2004
58648 posts
24637 upvotes

Now that the market is more neutral, any other home buying clauses/conditions to keep?

Any other clauses to include that won't piss off a rationale seller?

Three home buying clauses to keep
No matter how much you want that home, don’t drop these buying conditions.
http://www.moneysense.ca/columns/three- ... s-to-keep/

  1. financing condition / “conditional on financing” clause
  2. “conditional on inspection” clause
  3. “conditional on sale of existing home clause" --> likely going to be put in the bottom of the pile for this clause
Brokers concerned about real estate offers made with no conditions
https://beta.theglobeandmail.com/real-e ... ndmail.com&
8 replies
Deal Guru
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Mar 23, 2008
13006 posts
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Edmonton
The first two are the "normal" conditions out here in the Alberta market. They're not as painful to sellers as they usually have a time constraint of about 2 weeks, so the offer is unconditional fairly quickly.

The last one is more problematic... But often a seller will accept it as a condition with a "48 hour" clause. Which means that the house is still on the market and visible to MLS viewers. And if a new buyer comes in with an offer, the original buyer has 48 hours to either remove their condition (making the offer unconditional) or get a release from the contract.

C
Deal Expert
Jan 15, 2006
21392 posts
23732 upvotes
Richmond Hill
alanbrenton wrote: Any other clauses to include that won't piss off a rationale seller?

Three home buying clauses to keep
No matter how much you want that home, don’t drop these buying conditions.
http://www.moneysense.ca/columns/three- ... s-to-keep/

  1. financing condition / “conditional on financing” clause
  2. “conditional on inspection” clause
  3. “conditional on sale of existing home clause" --> likely going to be put in the bottom of the pile for this clause
Brokers concerned about real estate offers made with no conditions
https://beta.theglobeandmail.com/real-e ... ndmail.com&
No seller is ever going to agree with number 3 unless there is an escape clause for the them. The dumbest thing that buyers were doing was having no clause for financing, unless one knows 100% and has it in writing from the bank you have to be crazy to not have it.
Jr. Member
Feb 5, 2017
146 posts
101 upvotes
EP32k2 wrote: No seller is ever going to agree with number 3 unless there is an escape clause for the them. The dumbest thing that buyers were doing was having no clause for financing, unless one knows 100% and has it in writing from the bank you have to be crazy to not have it.
I think the typical escape would be, seller is allowed to continue to market and seek more offers. Once another offer is registered, the buyer has 24 hours to decide to firm the deal or walk away.
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
There technically are no clauses that should "piss off" a rational seller as long as the clauses are also rational.

The rational buyer though should be prepared for a rational change to their clause.

I'm guessing at least 1/3 of the Realtors today have no clue how to write an offer/counter with such clauses.
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
the first two have always been standard except maybe the last year and a bit in toronto area... otherwise nothing abnormal about it.
Deal Expert
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Feb 24, 2003
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Toronto
Depending on the property, especially in hot neighbourhoods of Toronto, I've heard of people putting in an offer with no conditions to improve their chance of getting the property. I don't know if this is still the case but I wouldn't be surprised if it is in some circumstances.
Jr. Member
May 8, 2014
198 posts
102 upvotes
Toronto, ON
audit13 wrote: Depending on the property, especially in hot neighbourhoods of Toronto, I've heard of people putting in an offer with no conditions
This was the case when we shopped/bought in the fall of 2014, and continues to this day (or at least the past month or two).
More billionaires on submersibles, please!
Deal Fanatic
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Dec 27, 2009
7941 posts
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Victoria, BC
I think no condition offers only happen in stupid markets (like Toronto in recent years, etc). I would fully expect a return to the normal (expect to se a condition of inspection at very minimum).

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