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Understanding Conditional vs. Unconditional Offers When Selling Your Home
10 days ago
Understanding Conditional vs. Unconditional Offers When Selling Your Home

When selling a home, most offers you’ll receive are conditional—meaning they depend on certain requirements being met before the sale can go through. These conditions vary, and it’s often wise to have your solicitor review the terms to ensure you understand their implications.

Common Conditions on the Sale of a Property

  1. Finance – Buyers frequently make offers conditional on securing financing. They’ll need to have their loan approved before finalizing the purchase.

  2. Inspections – Some offers are contingent on property inspections, like pest, building, or title reports, coming back without issues. Buyers want reassurance that there are no hidden problems.

  3. Sale of Another Property – Buyers may be waiting to sell their own property to fund their purchase. They may request a delayed settlement until their own sale is complete.

As a seller, you have the right to negotiate these conditions and are under no obligation to accept any terms that you find unreasonable or burdensome. You can also set time limits on meeting these conditions; if the buyer fails to meet them within the agreed timeframe, the contract can be voided.

If the conditions are met, the buyer cannot retract their offer, and they must fulfill the purchase terms. It’s crucial for both buyer and seller to fully understand their legal responsibilities before signing. Conditional and unconditional offers differ in the certainty they bring to a sale, so getting the terms right from the start is essential.

What is an Unconditional Offer?

Most offers made at auction are unconditional, meaning they come with no conditions unless the buyer has arranged specifics with the seller beforehand. An unconditional offer implies that the buyer is prepared to complete the purchase upon acceptance. Outside of auctions, unconditional offers can be especially appealing to sellers because they carry fewer uncertainties. However, they may also include a limited timeframe in which they’re valid.

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