Conditional Offer / Conditions of Sale
A conditional offer is an offer to purchase that includes matters that must be satisfied before the agreement becomes firm and binding. Common conditions for real estate buyers include financing arrangements or a satisfactory home inspection. Conditions must be described within the agreement and include a time limit. If the conditions are not met, the purchase agreement terminates. The terms of the contract will describe whether deposits are refundable or nonrefundable if conditions are not met.