OREA Form 123 Waiver Explained

In a real estate conditional offer in Ontario, if the home buyers are not satisfied with the results after the due diligence, but they still want to proceed with the deal, they can use this ORAE Form 123 to waive the conditions in the Agreement of Purchase and Sale. 

For example, after the home seller accepts the offer on a house, the homebuyer gets the home inspection done by a professional home inspector. In the inspection report, the buyer finds out some issues. But after careful thought, the buyer decides to move on and requests the buyer agent to draft this waiver to the home seller.

This Waiver only eliminates the conditions specified in the contract. The rest of the terms and clauses in the original Agreement of Purchase and Sale remain intact.

For other rest forms, please refer to the complete OREA Form.