- Joined
- Oct 29, 2008
- Messages
- 48
I’m in the process of purchasing some development land in Waterloo, ON. The deal was conditional on my:
1.) Due diligence, 2.) Financing, 3.) The sale of two of my investment properties and 4.) The severance of the property I’m trying to purchase.
The deal was structured to allow me to complete my due diligence (verifying geotechnical, servicing, zoning, environmental, etc…) first then once waived the next conditions: severance, sale of my properties and financing started for a period of 60 days after first waiver.
I did all my necessary due diligence and waived my first conditional period. I’m now onto the second conditional period.
The problem is I have recently found a piece of information from the local Conservation Authority that affects the property, which the Conservation Authority originally failed to tell me during my initial due diligence period!
What are my options now (if any)? I still want the property but my offer price is a little too high now based on this new information.
1.) Due diligence, 2.) Financing, 3.) The sale of two of my investment properties and 4.) The severance of the property I’m trying to purchase.
The deal was structured to allow me to complete my due diligence (verifying geotechnical, servicing, zoning, environmental, etc…) first then once waived the next conditions: severance, sale of my properties and financing started for a period of 60 days after first waiver.
I did all my necessary due diligence and waived my first conditional period. I’m now onto the second conditional period.
The problem is I have recently found a piece of information from the local Conservation Authority that affects the property, which the Conservation Authority originally failed to tell me during my initial due diligence period!
What are my options now (if any)? I still want the property but my offer price is a little too high now based on this new information.