What is a conditional sale?
A conditional sale is when a buyer is in the process of buying a home. The buyer and the seller have come to an agreement on purchase price, terms and conditions, and now the buyer must do their due diligence to make sure they can afford the home (financing condition), that the condo documents are satisfactory (condo document review condition) or that the home inspection is favourable (home inspection condition). They may have additional conditions depending on their circumstances and the type of property they are purchasing.
The length of time the property will be under contract depends on the length of time for the conditions. Generally, they are between 5 and 14 days.
If the buyer wishes to proceed with the purchase they will waive conditions making it a firm sale. If there is a concern with any one of the conditions, then they will not waive that condition, cancelling the sale and getting their deposit back, and the property goes back on the market.