Real Estate Term of the Day: Conditional Offer
CONDITIONAL OFFER (aka: Contingency Offer) – purchase contract tendered to the seller that stipulates one or more requirement to be satisfied before the purchaser is obligated to buy (Barron’s Dictionary of Real Estate Terms)
The most common form of contingency offer is referred to an offer that features an additional provision stipulating that the buyer is not able to purchase the property without selling their existing home. The additional provision will sometimes give a length of time that the buyer has to get their home sold and if they don’t, the offer will be terminate. While the additional provision will sometimes state that the buyer’s home is under contract and will outline the general info of the offer on their home, such as the close date, inspection date and appraisal date.
LESLIE MONACO REAL ESTATE 