Your Guide to Reaching the Next Milestone on Your Home-Buying Adventure
You’ve found “the one” and your offer has been accepted—congratulations! 🎉 But before you can start planning paint colours and moving trucks, there’s an important leg of the journey ahead: the condition period.
This is your window of opportunity to make sure everything about the home—and your financing—lines up before you commit 100%. In the Residential Purchase Contract (Section 8: Buyer’s Conditions), this period is designed to protect you and give you the chance to investigate, verify, and confirm before going “firm” on the purchase.
Here’s what you need to know to navigate it like a pro.
1. What Exactly Is the Condition Period?
The condition period starts the moment your offer is accepted and runs until the Condition Day stated in your contract.
During this time, your purchase is conditional—meaning it will only move forward if you’re satisfied with certain terms, such as:
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Financing
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Property Inspection
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Sale of Your Current Home (if applicable)
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Other Agreed Conditions
If any condition isn’t met—or you’re not satisfied—you can walk away with your deposit returned.
2. Financing: More Than Just a “Yes” from the Bank
Even if you’ve been pre-approved, your lender still needs to review this specific property before fully committing to the mortgage. This can include:
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Reviewing the purchase contract and MLS listing
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Verifying the appraised value matches the purchase price
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Confirming your down payment source and employment details
💡 ARIVL Recommendation:
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Always get your final approval in writing, and make sure it includes written permission from your banker or mortgage broker that your financing conditions can be lifted.
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Your lender may order an appraisal during this stage. If that happens, the appraiser will contact the listing agent directly to arrange access—it’s always a good idea to confirm with your ARIVL Real Estate Associate if this step is triggered.
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Pay close attention to any conditions on the approval letter (e.g., providing additional documents, paying down debt) and make sure you fully understand what you are committing to before waiving your financing condition.
💡 ARIVL Tip: Don’t wait to start this step! Get all required documents to your mortgage broker or lender within 24 hours of the offer being accepted. Delays here are the most common reason financing conditions get extended.
3. Property Inspection: Your Chance to Look Under the Hood
The home inspection is your opportunity to uncover hidden issues that could affect your decision—or your budget. A licensed inspector will check:
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Structure and foundation
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Roof and exterior
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Plumbing, electrical, and HVAC systems
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Attic, insulation, and ventilation
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Safety concerns (e.g., mold, water damage)
After the inspection, you can:
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Proceed as planned
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Renegotiate repairs or price
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Walk away if the issues are a deal-breaker
💡 ARIVL Tip: Attend the inspection if you can. It’s like hiking the trail before setting up camp—you’ll learn more seeing it firsthand. For even more tips, check out our guide: Want to Get the Most Out of Your Home Inspection? Here’s How 🔎
4. Sale of Your Current Home (If Applicable)
If your purchase is contingent on selling your current home, your timeline will depend on your current market conditions and how quickly your home can be sold. ARIVL’s team can help you prep, market, and list your property strategically to align with your Condition Day.
5. Giving Notice: How to Remove or Not Remove Conditions
You must provide written notice before the Condition Day stating:
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That a condition is satisfied or waived (you’re going firm)
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Or that a condition will not be met (the deal ends)
If you do nothing and the Condition Day passes, the contract automatically ends. That’s why communicating with your ARIVL Real Estate Associate during this period is critical—we make sure notices are sent properly and on time.
6. Common Pitfalls (and How to Avoid Them)
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Delaying financing submissions – Start immediately to give your lender maximum time.
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Skipping the inspection – Even newer homes can have issues.
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Not budgeting for surprises – Build a small buffer in case repairs are needed.
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Forgetting insurance quotes – Your lender will need proof of insurance before closing, so get quotes early.
Navigating with Confidence
The condition period isn’t just a checklist—it’s your safety net. It ensures you’re making an informed decision before locking in the biggest purchase of your life. At ARIVL, we guide you through each step, keeping you on track and informed, so by the time you waive your conditions, you’re confident and ready for the next stage of your real estate adventure.