Conditional Clauses

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Based on the previous posts, today’s post will be about another part of the agreement. There is another part of the agreement as Conditional Clauses. In addition, this part will create based on the purchaser’s needs and the seller’s requests.

Additionally, there are many conditions, for example arranging a mortgage, inspections, lawyers, sale of existing property, etc.

Condition Subsequent:

Conditions allow for contract termination based on the circumstances. If the clause is conditional, then it should be a waiver for it to approve. Generally speaking, each clause has a time period, before the due date buyer/seller should waive their condition.

If they could not waive their condition, it means the agreement is dead and canceled. In the Conditional Clauses, time is very important for both parties. Also, it is a salesperson’s job to make sure everything is all right. There are some usual conditions:

  • Mortgages/Financing
  • Lawyers Condition
  • Inspection the property
  • Receiving documents, such as lease agreement, financial statements, etc

One of the advantages to have an agent is understanding the agreement. Commercial Real Estate is our specialty. Also, our team is here to help our clients through their deals. We are here to help you find out more about your rights. So, if you need our help, please reply!

Each agreement has Two or more schedules. Typically, Schedule A is about Conditional Clauses. Schedule B is about the deposit instruction that varies for each brokerage. Our team would create Schedule A for our clients wisly, which can cover all their requests.

Your success is our success!

THE BEST CHOICE

Babak Mehrabi, Commercial Real Estate Agent.

https://www.reco.on.ca/

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