News Bulletin - June 28, 2023
Form 408: Buyer's Waiver of Conditions
It has been reported by the legal community that licensees are using statements such as "intent not to terminate" to try and revive a deal that terminated due to a failure to meet the buyer's conditions deadline. Since a terminated deal cannot be revived, these clauses serve no purpose.
The terms of the buyer's conditions clause requires Form 408 to be provided to the seller or seller's agent before the condition deadline. If the form is not submitted by the deadline, the deal is deemed terminated. If the buyer and seller want to proceed, a new offer must be written. If parties do not want to write a new offer to proceed, refer them to their legal counsel.
About Form 408
Reminder to licensees that the Commission has a page on the website of resources about Form 408: Buyer Waiver of Conditions. Click HERE to access all the information, including the educational video, frequently asked questions and an example of how to complete Form 408.