What is the difference between a conditional and unconditional contract?
First, you’ve got a conditional offer which might be, “I’m going to offer a million dollars subject to building and pest inspection evaluation stacking up,” or you might actually sign a contract which is a conditional contract. And that means it’s subject to certain clauses. The most common being a cooling off period. So under the act, a buy is entitled to a five day cooling off period unless it’s waived with a 66W certificate. So an unconditional offer is where it’s presented in the form of a contract, with a check, and a 66W. So should the owner except and sign the counterpart contract, it is a binding deal and there is no way of getting out of it.