Knowledgeable Experienced and Proven Conveyancers
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Authority to rescind if loan formally approved

PURCHASER ……………………………………………………………………………………………………………………….….

PROPERTY ……………………………………………………………………………………………………………………………..

  1. I am not a cash buyer.
  2. I am getting a loan from a bank.
  3. I am aware that a pre-approval, conditional approval or approved in principle is not a full approval and my loan can still be declined.
  4. To be safe, I must get a loan formally approved within the cooling off period.
  5. If my loan is declined, I will lose a minimum of 10% of the sales price, even if I did not put in the 10%, the vendor can still sue me for the 10%.
  6. The vendor can even sue me further for the loss of the resale value.
  7. My instruction to you: ask for further extensions and if you DID NOT RECEIVE A FAVOURABLE ANSWER, I instruct you to rescind between 12 noon to 2 pm on the last day of the cooling off.

If signing by 1 person, I confirm that I have the authority of my co-purchaser(s)

……………………………………………………………………….

Purchaser(s)

………………………………………………..

Date

Please email back to

johnsonandlu@yahoo.com

Compulsory document

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