In Ontario’s competitive housing market, first-time buyers are often pressured to submit unconditional offers just to stay in the game. In this video, Ontario real estate lawyer Colleen Dermody addresses the risks that come with removing a financing condition, especially when mortgage approval hasn’t been secured. When buyers make offers without conditions and fail to obtain financing, they not only risk losing their deposit but could also face legal consequences if the seller relists the property at a lower price.

For anyone navigating the uncertainty of today’s real estate climate, especially first-time homebuyers, it’s important to approach each offer with caution. This video outlines why conditions, particularly financing, can protect buyers from serious financial exposure and legal complications. Before signing anything, know what you could be agreeing to.

Colleen Dermody joined Devry Smith Frank LLP (‘DSF’) as an associate lawyer in our real estate and wills and estates groups, practicing from our Haliburton location. She holds a BPHE (Hons) and MPA from Queen’s University, along with a JD from the University of Windsor. She was called to the Bar in 2022.

At DSF, Colleen’s practice involves a variety of real estate matters with particular emphasis on residential purchase and sale transactions, including cottage properties. Colleen’s wills and estates practice encompasses all aspects of estate planning and administration. Colleen believes it is important to get to know her clients so she can provide tailored advice to help them navigate the complicated estate division process during a time of grief.

For any real estate inquiries, you can contact Colleen Dermody in our real estate department by emailing info@devrylaw.ca or calling 416-449-1400.