Agree on terms and conditions

Now that you are seriously looking at the property its time to take a look and review the terms and conditions. This can vary quite a bit so its important to keep a close contact with your agent. The buyer may impose conditions on the offer to purchase. A conditional offer means there is no binding contract until the conditions are met. For example, a condition may be the approval of the buyer’s mortgage or that the buyer sells their home by a specific date. If the condition is not met, and a mortgage is not obtained, or the buyer’s house is not sold within the specified time, the Agreement cannot go ahead. Other standard conditions include the buyer obtaining a satisfactory home inspection by a licensed inspector or repairs completed before the sale. These conditions must be met or waived by the buyer; otherwise, there is no binding Agreement. The requirements should be both reasonable and limited in time. Once all the conditions in the Agreement are met or waived by the buyer, the buyer is bound by the offer to purchase.