A conditional offer is an offer
which is placed by a purchaser with conditions associated to it such as:
- Finance – the granting of formal finance approval from a financial institution
- Pest and Building inspection – an inspection of the property by a licenced professional to ensure a satisfactory pest and building report is completed
- Sale of another property – some purchasers may need to wait for their current home to sell before purchasing another
An Unconditional offer is an offer
made with no conditions that will affect the purchase of the property.
Unconditional offers are often more appealing to a Vendor as there are less
variables that may affect the sale.
Winning bids at property auctions
are deemed unconditional, unless the purchaser has made a previous arrangement
with the vendor and auctioneer prior to the auction commencement.