Conditional vs unconditional offers
If you’re buying your first home or you’re ready for your second home purchase, the whole question of conditional vs unconditional offers can get confusing. This article explains the difference between the offers and the conditions that may be in your offer.
An offer to buy a property subject to stated conditions being met.
A conditional offer is one that is dependent on certain things happening. Once your offer is accepted, you now have an agreed period of time to get your conditions sorted.
These conditions could include a builder’s report, insurance, title, finance or subject to the sale of your existing property, among many other options.
Once you’ve ticket all the boxes with your conditions, your deposit is released to the seller by their agent or lawyer and you go unconditional.
You now need to wait until the pre-agreed settlement date, which is when you pay the balance of the full amount you offered for the property and finally get the keys.
This is when someone offers to buy a property without attaching any conditions to the sale.
An unconditional offer means your offer is not subject to any checks or due diligence. You are completely happy with the property in every respect and you have the ability to finance the purchase. When you bid at an auction you are bidding on an unconditional basis.
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