u/Jeeperscreepersss3

I am currently in a process to purchase a home for 850k, and the lawyers cannot put in the contract that the purchase price of 13% will be deducted at the end of the closing date (was granted 200 days closing). But credited the amount at the end if it goes through by then. Basically saying I am on the hook of a 850k home if it does not get signed by the crown by then.

I am approved of up to 700k mortgage and can put down about 170k of down payment so I am able to technically pay it. I am wanting to have a 625k MAX mortgage amount.

After the 13% the home should be around 770k.

I don’t know what to do, do I gamble and take the risk or cancel the contract. Why is it taking so long for the 13% to be passed.