What is the difference between a conditional and unconditional contract?
First of all, you’ve got a conditional offer, which might be, I’m going to offer $1 million subject to a 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 buyer 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 accept and sign the counterpart contract, it is a binding deal and there is no way of getting out of it.