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Does it go to unconditional automatically?
I was/am under contract for a property and unable to meet the finance requirement. I sent the info to my lawyer but he didn't send it to the vendor's lawyer on the last day of conditional/unconditional. When I asked him what happens when the conditional/unconditional date has passed, he keeps telling me that "the vendor can cancel the contract after the date".
But now I have just realised that it seems like it would go unconditional automatically???
----update---- I have a few extensive calls with my real estate agent and mortgage broker. The agent said she has asked around and the lawyer is not as bad as I thought because he is already better than many other ones 🥹. The broker said the lawyer is not firm or aggressive enough. The lawyers don't really care if it goes through, it's more about what does the vendor want to do. Right now, it seems like the vendor doesn't want me to go. I provided generic evidence of not being able to meet the finance rule but the broker raised concerns on that. She mentioned that I could contact an insurance company to prove that I'm not able to get full insurance specifically for this property so to get the property rejected by the bank (almost permanent). It's not ideal for the vendor; but if he persists in getting solid proof, I need to pull this one off.
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- 1 year ago
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