Prime Edmonton Real Estate - Unfortunately, despite the best efforts of the seller and the buyer, sometimes it is not possible for the home buyer to waive the conditions set out in the contract by the condition day. There are two reasons why you will not be able to waive conditions - 1) because you were unable to get the information needed to be able to waive conditions, or 2) you are unable to waive conditions because of information discovered during the condition period. So what does a home buyer do in this situation? Your options in this scenario are to either ask for an extension on the condition day set out in the contract or to sign the Condition - Non Waiver form and terminate the agreement in good faith.
Getting an Extension
This is more common that you might think. Sometimes, despite the best efforts of everyone involved. It should be noted that for a condition like financing there quite a few people that documents need to be passed in front of to get final acceptance - mortgage broker, regional mortgage department, appraisers, CMHC, and more - before the decision is made. Sometimes one person in this chain is busy and takes an extra day to do their job. Or something is discovered during the inspection and you will need to get contractors opinions as to what it would cost to fix an issue. In situations like these an amendment to the purchase contract would be drawn up. It should be noted that the seller is under no obligation to accept this extension to the condition day; if they refuse the agreement is terminated.
Non Waiver of Condition
A non waiver of a condition occurs most frequently for 3 reasons: 1) the buyer is unable to get financing, 2) the home inspection reveals an issue that the buyers are unwilling to work with, or 3) information in the condo documents reveal an unknown issue that the buyers are unwilling to work with. If this occurs, the buyers are required to complete a form stating that they will not be waiving the conditions and that the contract is terminated. From there, a request will be made for the deposit cheque to be refunded back to the buyers. It should be noted that this can take up to 2 weeks depending on the various offices' policy.
It is perfectly normal for you to be disappointed should the conditions are not able to be satisfied. Most buyers have already started dreaming and planning where their furniture will go and how they will enjoy their new home. It has been my experience, however, that home buyers always find a better place after they have 'lost' a place at the condition stage. Remember that a condition non waiver is not the end of the world, but a tool that often saves a home buyer from unwanted issues down the road!