Conditional Contract For Sale
Description
How to fill out Conditional Sales Contract?
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FAQ
What to Include for a Conditional Contract Concerning a Mortgage: The name of the lender. The amount of the advance. The time limit by which application must be determined. Should the buyer be entitled to withdraw from the contract if the mortgage offer is subject to certain conditions or a retention is to be made.
You can back out of a conditional offer without penalty if the criteria is not met. In a seller's market, buyers have less negotiating power and can't demand many conditions.
Broadly, a conditional contract is a contract that is subject to one or more conditions in the contract of sale. If a condition in the contract is not met, then either one or both of the buyer or seller will be able to terminate the contract.
A conditional offer could be a buyer agreeing to purchase a property only if it passes a home inspection. Conditional offers can also come into play with an offer of employment, such as passing a background check or drug test.
The consumer may pay a deposit to the retailer for the item?say a television set?and agree to a certain number of payments under the deal. Until the set is paid off in full, the retailer has the ability to take it back if the customer defaults on payments.