Buying 1 min read

Conditions, deposits and firm offers: how an Ontario offer works

What a condition really protects, why the deposit matters, and what you give up when you go firm.

Nima Nojavan-KheiraddinReal Estate Sales Representative, B.Sc.

An offer in Ontario is a written Agreement of Purchase and Sale. Once both sides sign it, it’s binding. Everything that protects you has to be in it before you sign.

Conditions

A condition lets you walk away, with your deposit, if something specific doesn’t happen by a set date. The common ones are financing (your lender approves the mortgage on this property), home inspection, and, for condos, a lawyer’s review of the status certificate. Each has a deadline; if you don’t waive or fulfil it in time, the deal ends.

Firm offers

In a competitive situation, buyers often offer “firm”, with no conditions. That can win the house, but it means the work conditions would have done must happen before the offer: a pre-offer inspection, a full mortgage pre-approval you’ve confirmed with your lender, and a read of the status certificate. A pre-approval is not a guarantee; the lender still has to approve the property and its value.

The deposit

The deposit is usually delivered within 24 hours of acceptance and held in trust by the listing brokerage. It goes toward your down payment at closing. If you fail to close on a firm deal, you can lose it, and the seller can also sue for their losses if they resell for less.

Closing date

Pick a date that gives your lender and lawyer enough time, and think about your current lease or the sale of your current home. A short gap between closings can be cheaper than the stress of none.

None of this is legal advice; your lawyer reviews the agreement. But knowing how the pieces fit together makes you a calmer, stronger buyer.

Filed under BuyingOffers, legal and closing

This article is general information, not legal, tax, financial or mortgage advice. Rules and programs change; confirm details with your lawyer, accountant or lender before relying on them. This material is not intended to solicit properties already listed for sale, individuals under contract with another brokerage, or self-represented parties, as outlined by RECO guidelines.

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The approach

With me, you don’t buy with confidence, you close with it.

I'm Nima. My work in commercial and investment real estate has taught me to look beyond the property itself, to the numbers, the risks and the details that matter. I bring that same approach to every residential transaction.

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