fbpx

The difference between conditional and unconditional property offers

When making an offer on a home there are two types of offers: conditional and unconditional.

Conditional offers

A conditional offer is one that includes certain conditions that must be met before the sale of the property goes through. This type of offer is still a binding contract, however, if any of the conditions aren’t met you can choose not to go through with the purchase.

Examples of conditions you might stipulate are:

  • the sale being subject to you securing finance from a specific bank
  • a satisfactory building and pest inspection by an independent contractor
  • confirmation that external structures on the property have been council permitted
  • the bank valuation meets the purchase price.

Unconditional offers

An unconditional offer is an outright offer to purchase a property that has no stipulations in order for the sale to go through and is legally binding. Unconditional offers are typically made at auctions.

Before you make an unconditional offer it’s critical you are 100% sure the property is the one you want and that you have the money, or a guaranteed loan amount, to purchase it. Your lending institution may also offer conditional and unconditional loans so make sure you’re clear if your loan is guaranteed or subject to other conditions.

Whether you’re putting in a conditional or unconditional offer on a property it’s advisable to speak with a solicitor or conveyancer before signing any contracts.

Happy house hunting!

Share:

More Posts

Tips For Finding The Best Real Estate Agents Melbourne

Selling or buying a home is one of the biggest transactions you’ll ever make. Your sale or purchase comes with significant legal and financial repercussions. As such, you need enough planning and understanding before finalising the transaction. One person who will be at the heart of this whole process is your real estate agent. (1) Finding the right real estate

Market Update May 2022

The month of May saw us witness a slight adjustment in property prices after a significant and prolonged period of growth, the third-fastest in Australia’s history.  Whilst those currently transacting in the market are seen to be operating with a little more caution, there are still a large number of buyers looking to purchase both homes to live in, and

family_friendly_suburbs

Which Are The Best, Family-Friendly Suburbs In Melbourne’s East?

Do you find yourself amid a lifestyle change? Perhaps a new baby is on the way, or the children are growing and need more space to call their own. For many of us, finding a bigger home to accommodate a growing family is something we’ll encounter during life’s journey and may involve deciding which suburb will suit our growing families

Top tips for selling in winter

When warm weather strikes and an abundance of flowers burst into bloom, it has traditionally been the time people choose to sell a home. Spring and summer see property listings surge, but sellers are cottoning on to the advantages of putting up that “For Sale” board in winter. With a slightly different approach, that coveted sold sticker could be up

Send Us A Message