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Failed agreements of purchase and sale: What happens next?

Buying a home can be very stressful and complicated with all the paperwork, acknowledgements, representations and agreements that are required, as well as the normal process of due diligence that most buyers and some sellers want to include.

As a buyer, you normally enter into an agreement of purchase and sale which tends to be conditional on your ability to obtain financing and/or doing a satisfactory property inspection. We realize that with multiple offers you will be required to do your due diligence in advance of an offer presentation, as your chances of winning a bidding war with a conditional offer are slim at best. A lot can happen from the time your offer is presented and accepted subject to your conditions and thereafter that will result in your agreement becoming null and void. Should this occur, there are many processes in place to get back your deposit and to return the property actively back on the market for sale.

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