Quote:
Originally Posted by Table 5
For those in the real estate, I have a question that hopefully someone can answer.
When i purchased a condo 2 years ago, I was tentatively approved for a mortage by a bank (but since they only guaranteed it for 3 months, it long expired). This time around, with the current tricky financial situation, I'm not sure I would be so easily approved. If I don't get approved, can I walk away from my condo without having to pay any sort of penality? Or do they keep my down-payment?
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IM 99% certain the answer is no, but would have to see your contract to be 100% sure. Was mortgage approval a subject of your offer? If so, was that subject removed?
I assume there either was no subject or if there was it was removed, so you cannot walk away from your deal. You are contractually obligated to complete and if you don't they get your deposits.
Your only bet for walking away freely is if they issue a new disclosure statement after a material change, which would reopen the rescission period (10 days in AB). Then you can rescind and get your money back.