Posted by: gayatri from ip196.windsor5.dialup.canada.psi.net on September 26, 2001 at 20:55:08

Subject: Getting out of the contract

I need some advice about an offer I have made on a house.
First is condition of financing. And second is time-out - we have to tell vendor within one week in writing that condition of financing is met & the offer is approved by lawyer.

My question is, if I do not get time to go through financing details, or if later on I decide not to pursue this house, can we just not apply for financing & let the deal time out? Or should we let the vendor know in writing to release from deal?
I want to find a way to get out of this agreement. Could you pl. go thru these conditions and advise what can be done ?
In the agreement, there are 3 condions which are :

1) This offer is conditional upon approval of my lawer for form and content.
2) The offer is conditional uopn purchaser receiving mortgage.

3) Unless purchaser gives notice in writing delivered to the vendor witin a week's time that these conditions are fulfilled, this offer will be null and void and deposit will be returned to purchaser.

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