{"id":7961,"date":"2022-02-03T08:29:06","date_gmt":"2022-02-03T13:29:06","guid":{"rendered":"https:\/\/360mediations.com\/en\/?p=7961"},"modified":"2022-02-03T08:29:08","modified_gmt":"2022-02-03T13:29:08","slug":"the-danger-of-making-clean-offers-when-financing-is-needed","status":"publish","type":"post","link":"https:\/\/360mediations.com\/en\/the-danger-of-making-clean-offers-when-financing-is-needed\/","title":{"rendered":"The Danger of Making \u201cClean-Offers\u201d when Financing is Needed"},"content":{"rendered":"\n

\u00a0<\/p>\n

In this recent case, the defaulting defendant was ordered to pay damages close to $170,000.00 when they were unable to secure mortgage financing after delivering a \u201cclean-offer\u201d to purchase a property.\u00a0 The opening paragraph sums up the frustration, and folly, surrounding the \u201chot\u201d real estate market:<\/p>\n

\u201cThe biggest investment that most people will ever make during their lifetime is the purchase of a home. \u00a0Most, but not all purchasers, will require mortgage financing to purchase a residence. \u00a0The purchase of a residence usually entails the execution of a standard form of Agreement of Purchase and Sale. \u00a0Where mortgage financing is required to complete a transaction, it is not uncommon for a purchaser to insert a condition that the purchase is conditional on obtaining financing. In recent years, the frenzy of the real estate market has often caused purchasers to present a so-called \u201cclean offer\u201d that is not conditional on financing or a home inspection. \u00a0Purchasers who continue to adopt this practice without secure mortgage financing do so at their peril. \u00a0The facts of this case, unfortunately, demonstrate this unfortunate outcome for the Defendant.\u201d<\/em><\/p>\n

Masoomi v. Chen<\/em><\/strong>, 2022 ONSC 703<\/p>\n

https:\/\/www.canlii.org\/en\/on\/onsc\/doc\/2022\/2022onsc703\/2022onsc703.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 In this recent case, the defaulting defendant was ordered to pay damages close to $170,000.00 when they were unable to secure mortgage financing after delivering a \u201cclean-offer\u201d to purchase a property.\u00a0 The opening paragraph sums up the frustration, and folly, surrounding the \u201chot\u201d real estate market: \u201cThe biggest investment that most people will ever… Continue reading The Danger of Making \u201cClean-Offers\u201d when Financing is Needed<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[17,45],"tags":[],"class_list":["post-7961","post","type-post","status-publish","format-standard","hentry","category-damages","category-real-estate","entry"],"yoast_head":"\nThe Danger of Making \u201cClean-Offers\u201d when Financing is Needed - 360Mediations<\/title>\n<meta name=\"description\" content=\"Purchasers who continue to make unconditional offers without secure mortgage financing do so at their peril.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mail.360mediations.com\/en\/the-danger-of-making-clean-offers-when-financing-is-needed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Danger of Making \u201cClean-Offers\u201d when Financing is Needed - 360Mediations\" \/>\n<meta property=\"og:description\" content=\"Purchasers who continue to make unconditional offers without secure mortgage financing do so at their peril.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mail.360mediations.com\/en\/the-danger-of-making-clean-offers-when-financing-is-needed\/\" \/>\n<meta property=\"og:site_name\" content=\"360Mediations\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/360Mediations-120028596572318\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/360Mediations-120028596572318\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-03T13:29:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-03T13:29:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/360mediations.com\/en\/wp-content\/uploads\/2022\/01\/COURT-DECISIONS-360MEDIATIONS-1x1-1.png?fit=406%2C322&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"406\" \/>\n\t<meta property=\"og:image:height\" content=\"322\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"David M. 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