What conditions might be included in the Agreement of Purchase & Sale?
While you might strike a deal in principle with a buyer, loose ends-in the form of “conditions”-may have to be tidied up before the sale can be completed. A conditional offer is one in which the sale of the property is agreed to buy both buyer and seller, subject to outstanding conditions being met by the appropriate party. A buyer’s ability to successfully obtained mortgage financing, a satisfactory home inspection or the sale of the buyer’s current home within a prescribed time are all conditions which might affect the final outcome of the sale. If the conditions are satisfied within the allotted time frame, the offer becomes ” firm and binding”. If not, the deal is off, and the deposit is returned to the buyer. As the seller, don’t put yourself in the position of facing a lengthy period of legal limbo. Add an escape clause to your counter-offer – if another acceptable offer is presented while you’re waiting for conditions to be met, the first buyer must either waive the condition an
