A buyer submitted an offer on a residential property with a condition for a satisfactory financing approval within 10 business days. The condition date is October 15th at 9:00 PM. On October 14th, the buyer's lender approves the financing. What should the buyer do to ensure the contract becomes firm?

Question: A buyer submitted an offer on a residential property with a condition for a satisfactory financing approval within 10 business days. The condition date is October 15th at 9:00 PM. On October 14th, the buyer's lender approves the financing. What should the buyer do to ensure the contract becomes firm?

Answer options: ✅ Deliver a written notice of waiver of the financing condition to the seller before October 15th at 9:00 PM.

• Notify their real estate agent, who will then verbally inform the seller's agent.
• No action is required, as the contract automatically becomes firm upon financing approval.
• Request a written confirmation from the lender to be couriered to the seller.

Correct answer: Deliver a written notice of waiver of the financing condition to the seller before October 15th at 9:00 PM.

Explanation: To make a conditional contract firm, the party benefiting from the condition must provide a written notice of waiver or fulfillment to the other party before the expiration of the condition period, as outlined in the AREA Purchase Contract terms.