A buyer submits an offer directly to a seller for a residential property, bypassing any real estate professionals. The offer contains a clause stating that the agreement is conditional upon the buyer obtaining satisfactory financing by a specific date. However, the offer does not specify who is responsible for drafting the legal documents to remove or fulfill this condition. What is the most appropriate action if the buyer successfully obtains financing before the deadline?

Question: A buyer submits an offer directly to a seller for a residential property, bypassing any real estate professionals. The offer contains a clause stating that the agreement is conditional upon the buyer obtaining satisfactory financing by a specific date. However, the offer does not specify who is responsible for drafting the legal documents to remove or fulfill this condition. What is the most appropriate action if the buyer successfully obtains financing before the deadline?

Answer options: ✅ The buyer should sign a separate waiver of condition and deliver it to the seller by the specified date.

• The seller must contact their lawyer to draft a fulfilling document, which the buyer then signs.
• The condition automatically becomes fulfilled due to the buyer obtaining financing, with no further action required.
• The buyer must provide written proof of financing to the seller, and the seller then provides a formal acknowledgement.

Correct answer: The buyer should sign a separate waiver of condition and deliver it to the seller by the specified date.

Explanation: In most standard Agreement of Purchase and Sale forms, the party benefiting from a condition (in this case, the buyer for financing) is responsible for waiving or fulfilling it in writing. A separate waiver document or a notice of fulfillment is typically required to formally remove the condition.