Conditions Of Sale
In real estate, the condition of sale refers to the conditions outlined in the Agreement of Sale that must be met for the transaction to proceed. As a buyer, there are many conditions of sale that they can choose to include in their contract.
Passing this period, if everything looks good at that point, there are two more stages to close: 1. The pre-closing walk-through, and 2. The transfer of ownership
By working closely with me and other industry experts, you’ ll be better equipped to understand the conditions of sale and take steps to ensure you’ re in the best possible position to deal with them when they arise.
STANDARD CONDITIONS OF SALE
1. HOME INSPECTION
Most contracts will have a 7 to 10-day inspection condition.
2. FINANCING APPROVAL
Most contracts are conditional on the buyer’ s financing. We don’ t accept offers unless we have the buyer’ s pre-approval from the lender.
3. APPRAISAL
There is often an appraisal dependent on the buyer’ s financing. This means the buyer’ s financing is dependent upon the home appraising for their loan amount.
4. HOME SALE
Some contracts are also dependent upon the buyer selling and closing their current home.
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