Definition of Conditional offer:
Purchase offer issued by a prospective buyer with a condition that a certain event (such as a lenders commitment to advance a loan to fund the purchase) has to occur to make the offer operative.
A conditional offer is an agreement between two parties that an offer will be made if a specific condition is met. Conditional offers are used in real estate transactions whereby a buyer’s offer on a home is contingent on something getting done for the purchase to go through. In other words, something has to occur before a sales transaction is finalized.
A conditional offer can also refer to an offer of employment that is contingent on meeting certain conditions. These could include passing a background check, medical clearance, visa clearance, and reference checks.
How to use Conditional offer in a sentence?
- Conditional offers are most often used in real estate transactions, such as a buyer agreeing to purchase a property only if it passes a home inspection.
- A conditional offer is an agreement between two parties that an offer will be made if a specific condition is met.
- Conditional offers can also come into play with an offer of employment, such as requiring an interviewee to pass a background check or drug test.
Meaning of Conditional offer & Conditional offer Definition