Buying Real Estate – The Financing Condition
In your first offer to purchase that you submit, you will be entering in a financing condition into the agreement.
What is The Financing Condition?
- It is a condition built into the purchase and sale agreement that protects the interests of the buyer (you)
- It allows the buyer to arrange financing for the property. The condition is time sensitive, meaning that buyer has X amount of days in order to fulfill this requirement.
- If the buyer is not able to obtain the necessary financing for this property in the required time period, the condition is structured such that, it allows the buyer to walk away from the deal.
- This condition should be included in every single offer to purchase that you make.
