Congratulations you have bought a new home and you have a mortgage commitment to help you fund that purchase. You cannot necessarily rely on the mortgage commitment because it is subject to an appraisal by the mortgage company.
The appraisals are usually done 2 - 3 days before closing and pursuant to the terms of Mortgage Commitment, the Mortgage Company can either withdraw its commitment or reduce the amount of funding.
This will leave you into a situation, which can easily result in litigation., and the loss of your deposit.
Do not waive a condition on Financing until you know the appraisal will be done promptly so that you will not end up into litigation.
I can help you.
Please call me.
Stan Gelman
Real Estate Law Mississauga
905 270 5110
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