The lender will not reconvey title and release the lien without being paid in full...to include the payoff amount, not just the principle balance which could be a HUGE difference.

In my experience, offer submission timing does not matter in cases when property switches from Exclusive (owner occupied) to Extended (Investor eligible) status.

My advice is that you go to the sellers, apologize for having wasted their time, and ask to be released from the contract.

Lease for 900 a month, set the exercise price for 82,000, 12 month lease, discount of $50 if it's paid by the first of the month,  tenant can extend the lease for another 12 months if paid on timeCreate a lease, an option and a sale and purchase agreement, create a letter of intent to lease purchaseCharge 3 % non refundable optionMake sure the tenant buyer that moves in has a good chance to get the mortgage by having their 1003 app looked  at  by a mortgage broker@Brandon Siewert

Access it from your computer, smartphone, tablet, etc... 

They will have target interest rates and terms that they are comfortable extending and will probably be willing to discuss those in general terms.

I could see this playing out where you are on the hook for the loan and the buyer has the property with the lien still existing - since the mortgage company won't release the lien without getting paid.

It's easy to set up and release.

It is pretty much universal in Canada - in some jurisdictions it is extended to common-law spouses as well - but was perhaps present in Québec first (which is also has the Napoleonic Code of Law).  

I also must extend my "Thanks," to everyone else whom served and is still serving.