Buyer Questions
What happens if I change my mind after I make an offer?
If your offer is firm, backing out can put your deposit at risk and expose you to damages. If conditions are still open, you may still have a way out before the deadline.

In Ontario, once an offer has been accepted and all conditions have been waived or fulfilled, you are legally bound to complete the purchase. Walking away can result in losing your deposit and potential legal action from the seller. This is why Flowers Team Real Estate spends significant time ensuring every buyer is truly ready before an offer goes in.

 

Before the Offer is Submitted


Many buyers believe they can withdraw an offer before the seller accepts it — this is not true. Once you submit an offer, whether conditional or unconditional, that offer is in the seller's possession until it expires, is accepted/rejected, or the seller makes a change to it. You cannot withdraw it once it has been submitted. This is precisely why having protective conditions in your offer is so important.

 

During the Conditional Period


If your offer includes conditions (financing, home inspection, sale of existing home), you have the agreed-upon timeframe — typically 5 to 10 business days — to fulfill or waive each condition. Conditions are often written to give buyers reasonable freedom to exit the contract if a condition is not satisfied. If both parties prefer a clean resolution, walking away during the conditional period is almost always preferable to complications closer to closing. Your deposit is typically returned if you withdraw on a valid unfulfilled condition.

 

After Conditions are Waived (Firm Deal)


Once the deal goes firm, you are legally obligated to close. If you refuse to close, the seller can keep your deposit and sue you for additional damages, including the difference if they have to re-sell at a lower price. The deposit is held in the listing brokerage's trust account until one of three things happens: the house closes, there is mutual written agreement on what to do with the funds, or there is a court order directing the brokerage on how to distribute the deposit.

 

This is exactly why having the right conditions in your offer matters enormously. Flowers Team Real Estate is meticulous about ensuring our buyers have the right protective clauses in every offer. Learn more about buying with Flowers Team or contact us.

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