Financing or Inspection

Your Real Estate Purchase Contract (REPC) may have conditions attached such as financing or inspection. This allows you an opportunity to make sure your mortgage approval is in place or have a professional inspect the property before making your final decision to purchase. You must follow up on these conditions. You cannot use these conditions as a reason to cancel the purchase unless you have taken all the steps necessary to complete the condition and the cancellation relates to that particular condition. For example, if you find another house that you like better, you cannot withdraw your application for mortgage funding on the original home and then cancel the purchase on the grounds that you failed to meet the financing condition. Similarly, if you fail to remove the condition regarding inspection, there must be a substantial deficiency shown on the inspection report. You cannot rely on some minor concern simply because you have had second thoughts about purchasing this particular property.