To Waive or Not to Waive...Home Buyers Conditions

Posted by Jerad Cox on Saturday, September 12th, 2015 at 8:26am.

Waiving Home Conditions

Prime Edmonton Real Estate - There are always two forms I bring when I meet with my home buyers to waive buyers conditions.  One is a Condition Waiver Form, which tells the seller that the buyer(s) are removing all conditions and the home is sold, and the other one is the Condition Non-Waiver Form, which explains that 1 or more of the conditions cannot be removed, and that the deal is terminated. There are two forms that I bring for the buyers once they are ready to make their decision: The condition waiver and the condition non-waiver. They are exactly how they sound. The condition waiver means that you have been able to get financing, look through condo documents, and/or get a home inspection that confirms that this home is the home for them. Once this is signed the property is SOLD and the new home buyers can celebrate. The non-waiver form states that one or more of the conditions were unable to be satisfied or waived and that the buyer(s) will not be purchasing the property. The deposits are then instructed to be returned to the buyer and they begin to look at other properties.

Here are 3 tips that I have for you home buyers when it comes to this stage:

1) Make sure you have done your due diligence - you have been given a period time to satisfy your buyer's conditions. It is important that wherever possible to do the work needed to make a decision in the time provided or less. If you cannot decide in the time provided then the seller must agree to extend the condition date and they may not want to continue to keep the property pending.

2) Unless it is a firm 'YES' then it is a 'NO' - if you have a few concerns and cannot decide to waive the condition or not, I always make the following comment 'Saying I don't know is the same as saying no. Only saying yes is saying yes'. If you are not certain that you should waive conditions, and you have a contractually verifiable reason to not waive conditions, then don't waive them. This is assuming that you have done all of the necessary research to make sure you can make as informed a decision as possible. Which leads me to...

3) Get informed and watch your indecision disappear - I often say that the biggest fear for people is the fear of the unknown. This can certainly be applied to a home purchase. Home buyers ask 'what if' questions the most during the condition removal phase. The reality is that home ownership is imperfect and there will inevitably be a few hiccups along the way. The key is to have as much information as possible in order for you to decide whether you want to take on the risk associated with your possible new home. This is primarily in satisfying home inspection and condo documents conditions. NOTE: I always suggest that the best way to help influence some of the issues you may see with condo documents is to join the condo board ASAP and contribute to your investment by helping making the right decisions.

To feel comfortable signing either one of those forms, you should consider all of the alternatives as well as the 'worst case scenario' so that you can sign either form with confidence. In doing this home buyers will make the decision to waive conditions with confidence!

1 Response to "To Waive or Not to Waive...Home Buyers Conditions"

The Ultimate Edmonton Home Buyers Guide wrote: [...]most common hiccups during the condition phase can possibly turn getting a lemon into lemonade!
To Waive conditions or not to waive conditions - There are always two forms I bring when I meet with my home buyers on condition day. One is a[...]

Posted on Friday, January 29th, 2016 at 8:36am.

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