Conditional Offer in Real Estate Law and Legal Definition
A conditional offer is a condition of sale that is agreed upon by both the buyer and the seller. Conditions can include a home inspection or a mortgage financing. If the conditions are not met within the specified time, the agreement is void. Once the conditions are satisfied, the buyer or seller will then be obligated to purchase or sell the property. Usually sellers have an escape clause in their counter offer which allows them to accept another offer as long as it's not a conditional offer.
