A condition in an offer “makes the deal binding only if — or until — a specified event happens” within its window; once that window is running, it resolves exactly two ways: fulfilment (the condition was actually met) or waiver (the protected party gives up reliance on it, whether or not it was ever actually satisfied).
Both must be communicated in writing and delivered before the deadline. The moment the last condition is waived or fulfilled, “the agreement becomes firm and binding, whether or not the underlying protection was ever actually confirmed” — a buyer who waives a financing condition is bound even if the financing later falls through.
Financing conditions typically run 3–5 business days, with buyers sometimes negotiating 7 or even 10 business days for more complex financing. A status certificate condition has no standard length — it runs for however many days the agreement's condition specifies, and the clock should start from actual receipt of the certificate, not the date it was requested, since Ontario's Condominium Act separately gives the corporation up to 10 days to produce one.
Quebec's promise to purchase resolves conditions clause by clause, and the default runs the opposite way from Ontario's fulfilled-or-waived binary. On the financing clause, if the buyer does not provide proof of borrowing by the deadline, the seller may require a new mortgage application within a given period, or render the promise to purchase null and void; on a document-review clause, a buyer who wants out must notify the seller in writing within seven days following expiration of the period. Inaction defaults toward cancellation in Quebec, rather than toward a binding deal as it does in Ontario.
A buyer waives a financing condition in writing on day 5 of a 5-business-day window to keep a competitive deal moving. Two days later the lender withdraws approval over new debt the buyer took on. Because the waiver was delivered in writing before the deadline, the agreement is already firm and binding — the buyer cannot point to the failed financing to walk away and remains contractually obligated to close.
See also: irrevocable date and condition precedent.
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