A Conditional Sale (or Pending Sale) is when the buyers and sellers have agreed on the details of a purchase agreement but it’s conditional on the buyers (or sellers) doing a couple of things first. The most common conditions you are going to see are an inspection condition, and a financing condition for the buyer to get their loan approved by the bank. Another condition that’s common in condominium purchases is that the buyer reserves the right to have them and their lawyer review the condo status certificate.
Once the conditions are met the buyers will sign a form called the “Notice of Fulfilment” stating that the conditions have been fulfilled and the sale will then be firm and legally binding.
What a lot of buyers have been doing in the competitive seller’s market we have been experiencing in Ottawa over the last couple of years is submitting offers with no conditions to make them more attractive to sellers and increase the chance that their offer will be accepted.
Tim Connolly, REALTOR® 613-889-8931
RE/MAX Hallmark Realty Group, Independently owned and operated brokerage. 613-236-5959
The Tulip Team