Many purchasers submit offers that are conditional upon things such as securing adequate financing, or the receipt of a satisfactory home inspection report. These types of conditions are often structured such that unless the purchaser gives notice in writing of a waiver or fulfillment of the condition, before the deadline for expiry of the condition, the offer becomes null and void and the deposit is returned to the purchaser. From a purchaser’s perspective, there are two important points to keep in mind with these types of conditions:
1) If you intend to waive the condition and make the offer firm, you must do so before the expiry date; otherwise, the vendor can consider the offer null and void, return the deposit and re-list (and resell) the property to someone else.2) Do not waive the condition unless you are satisfied that it has been met, or you are willing to take the risk of satisfying yourself as to the condition at a later time.With respect to the first point, there are circumstances in which a vendor may wish to get out of conditional deal, perhaps because he has received an offer to purchase at a higher price. In those circumstances, the vendor could declare an offer null and void if the purchaser did not properly waive the condition in time.As for the second point, it seems that it would be a matter of common sense, but some purchasers, eager to make their deal firm, will waive their conditions before they are satisfied that they have been met. The obvious risk is that a problem could be discovered later on, which the purchaser then may have to deal with, without the option of getting out of the deal with their deposit.