21. What happens if the three-day cooling-off period elapses and I have still not arranged the financing?

Normally, you buy a property on condition that the finance is approved. This means that you include a provision in the deed of sale that you may dissolve it if you cannot get a mortgage (we call this a ‘resolutive condition’). If this is the case, you must be able to show the seller rejections, and then the deed of sale can be dissolved. Have you not included any resolutive conditions and cannot get a mortgage? Then you must pay the seller 10 percent of the purchase price.