Do you know what a Conditional Agreement means?
Do you know what a Conditional Agreement means?
A conditional agreement is an agreement for the Sale & Purchase of real estate and is a legally binding agreement, but it is subject to certain conditions being satisfied.
These might relate to:
1️⃣ the purchaser arranging suitable finance to complete the purchase,
2️⃣ receipt of a satisfactory builder’s report and/or valuer’s report;
3️⃣ receipt of a satisfactory Land Information Memorandum (LIM);
4️⃣ or the purchaser’s solicitor approving the title to the property.
The Sale & Purchase agreement may also have conditions that require the seller to do something by a certain date.
Once all the conditions are satisfied the agreement becomes unconditional.
Whether you're the savvy buyer or the strategic seller, remember the golden rule: legal advice is your guiding light. 🌟 Legal advice ensures the conditions are crystal clear, paving the way for your seamless real estate journey!
So, next time you're navigating your real estate journey of property transactions, remember: knowledge is power, and legal advice is your compass!💡
Contact me for more real estate advice. My advice is given freely and without obligation. ✨
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