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Are you working with a “Bona Fide” Buyer?
Are you working with a “Bona Fide” Buyer?
Many Buyers don’t have the financial resources and cannot qualify for a mortgage. It is therefore imperative that all Buyers be pre-approved before they start tying up the assets of a Seller with bogus offers.
Asking the Buyer a few pre-screening questions is a good idea:
What amount are you pre-approved for?
How much do you have put aside for closing and moving costs?
How much do you have put aside for a down payment?
Can you provide a letter from the lender confirming your bona fides?
How much deposit (non-fundable consideration) will accompany the contract?
Unless these are satisfied to the Sellers liking then don’t accept the offer.
The responsibility for determining the bona fides of the Buyer is with their representative, and this isn't limited to just the financial ability of the Buyer.
“The condition precedent clause begins with the words “this agreement is conditional upon…” and there is no deal, until the final condition is fulfilled, satisfied or waived”.  - Brian Madigan, LL.B.
This is what the Contract of Purchase and Sale used in British Columbia, says:
Section 21. ACCEPTANCE IRREVOCABLE (Buyer and Seller):  The Seller and the Buyer specifically ... more

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