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Conditions are your safety net. They give you a defined window of time to verify that the property you are purchasing meets your expectations and that the financing is in place to complete the deal. While including conditions makes your offer less competitive, they exist for a very good reason — to protect one of the largest investments of your life.
Whatever your conditions, you are expected to act in good faith, using your best efforts to satisfy each one within the agreed-upon timeframe.
Even with a pre-approval in hand, your lender will want to review the specific property before issuing a final mortgage commitment. The bank may order an appraisal to confirm the home's value, and they will evaluate property-specific factors including the type of wiring (knob-and-tube can be problematic), the condition of the roof, whether the home has municipal water and sewer or relies on well and septic, and whether the property is insurable.
A financing condition typically allows 5 to 10 business days for your lender to complete their review and issue a firm commitment. If the lender declines to finance the property, you can walk away with your deposit returned.
A professional home inspection is one of the smartest investments you can make as a buyer. In Ontario, a thorough inspection costs between $400 and $600 and takes approximately 2 to 3 hours. The inspector will evaluate the home's major systems — roof, foundation, electrical, plumbing, heating and cooling, insulation, and structure — and provide a detailed written report.
In the Niagara Region, many homes date back several decades, and some to the early 1900s. Common issues to watch for include knob-and-tube wiring (which most insurers will not cover), galvanized steel plumbing (prone to corrosion and restricted water flow), foundation cracks or moisture intrusion (especially in homes built near the escarpment or in areas with high water tables), aging asbestos-containing materials in insulation or floor tiles, and vermiculite insulation that may contain asbestos.
After receiving the inspection report, you have three options: proceed with the purchase as-is, negotiate with the seller for repairs or a price reduction, or exercise your condition and walk away. Your RE/MAX Garden City agent will help you assess the findings and determine whether an issue is a manageable repair or a dealbreaker.
If you need to sell your current home before you can close on the new one, your offer may include a sale-of-property condition. This is common but it is the weakest condition from a seller's perspective, because it introduces significant uncertainty.
To protect themselves, sellers typically include an escape clause — they continue marketing the property and accepting showings. If another acceptable offer comes in, you receive notice (usually 24 to 72 hours) to either remove all your conditions and firm up, or release the property to the other buyer.
To strengthen your position when using this condition: price your current home competitively and get it on the market before making your offer, satisfy your other conditions (financing, inspection) as quickly as possible, and ask your lender about bridge financing as an alternative that could eliminate this condition entirely.
In highly competitive markets, some buyers choose to submit offers with no conditions — known as a "clean" or "firm" offer. This approach carries real risk. Without a financing condition, you are legally obligated to complete the purchase even if your mortgage falls through. Without an inspection condition, you accept the property in its current state, including any hidden defects.
If you are considering waiving conditions, take these precautions: get a firm mortgage commitment (not just a pre-approval) before making your offer, arrange a pre-offer inspection if the seller permits it, ensure you have sufficient savings to cover unexpected repairs, and discuss the risks thoroughly with your agent and lawyer.
Your RE/MAX Garden City agent will never pressure you to waive conditions. Their role is to explain the landscape, outline the risks and advantages, and let you make an informed decision.