While to the uninitiated it might sound like some kind of country love song, going ‘conditional’ on a property means your offer’s been accepted by the seller and you now have an agreed period of time to get your conditions sorted.
These conditions could include:
- a builder’s report
- or another condition that you stated with your offer
Once you’ve ticked all the boxes with your conditions, your deposit is released to the seller by their agent or lawyer (usually having taken out their relevant fees on the way) and you go ‘unconditional’. Like total love, you are now all systems go.
But don’t start banging the front door down and inviting all your mates over for a housewarming… you don’t own the property just yet.
You now need to wait until the pre-agreed settlement date, which is when you pay the balance of the full amount you offered for the property and finally get the keys.