Conditional Offers

Buyers often place conditions in their Offers to Purchase to protect their interests.

When you write a conditional Offer to Purchase, it means you want to buy the property but before making it a firm sale, you want the ability and time to review or confirm information. Some common conditions include home inspection, financing, and a review of condominium documents (if buying a condominium).

The conditions you may want to include will differ depending on the type of property, for example:

  • if you’re buying a single-family home, you may want a home inspection
  • if you’re buying a condominium, you may want condominium document review condition
  • if you’re buying a country residential property, you may want satisfactory results of a water or soil test as a condition

All conditions need to have an expiry date. Make sure the expiry dates you include will provide you with enough time to satisfy the conditions. If you don’t waive your conditions in writing by their expiry date, the contract ends, and you and the seller have no further obligations to each other. If you are ready to waive your conditions, your real estate professional will provide you with the required waiver, and the purchase contract becomes final and binding

More Info: