Step 3 | Conditional Contract

1. Receive Executed Agreement and Monitor Conditions

Once your lawyer receives an executed agreement, the focus turns towards satisfying conditions e.g. arranging finance or getting the property checked by an expert.

The time frames for satisfying the condition are agreed and recorded within the Agreement. It is not only a good idea, but an obligation within the Agreement, to take steps to satisfy the conditions. If you fail to satisfy the conditions by their due date, the Vendor will likely be entitled to cancel the agreement.

If you need to have finance approved, your bank or lender will ask for a copy of the sale and purchase agreement. They may also require a valuation, which you will need to organise and pay for.

If you need more time to complete any conditions, your lawyer can negotiate with the vendor’s legal representative to request an extension. But this request may be declined.

When all the conditions have been met, the sale becomes unconditional. At this point you are now contractually obliged to purchase the property and can look forward to settlement.