Conditions
A condition lets you back out if something is not satisfied, such as financing, inspection or a status certificate review. Once all conditions are waived or met, the deal is firm.
Deposits
The deposit shows good faith. It is usually paid shortly after acceptance and held in trust until closing, when it goes toward the price.
Multiple offers
When more than one buyer wants the same home, the seller may review offers at a set time. Each buyer decides their own price and terms.
Is there a cooling off period?
Not on resale homes in Ontario. Once you sign a firm agreement, you are bound. New pre-construction condos have a ten day cooling off period under the Condominium Act.
This guide is general information, not legal, tax or financial advice. Rules change, so confirm details with the right professional.