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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Conditional Sale


Synonyms:agreement, condition of sale, obligation, requirement, stipulation
Acronyms &
abbreviations:
C/S
Filed Under: real-estate
Tags: property listing, realty
 

Definition of conditional sale (C/S)

conditional sale (C/S)
1. When a property for sale becomes conditionally sold (C/S), this implies that the sellers have accepted an offer from a buyer conditional upon the seller and/or buyer being able to fulfill certain set out conditions. These conditions could include the buyer being able to obtain a satisfactory home inspection report, secured financing or the sale of a buyer's property. Commercial properties may have additional conditions. When a property is conditionally sold, the sellers cannot accept other offers.

Related Terms and Acronyms:

  • conditional commitment   A promise by a lender to make a loan if the borrower meets certain requirements.
  • conditional sales floater   Insurance that covers losses on property sold conditionally or on an instalment plan.
  • contingency   A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
  • due-on-sale clause   A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
  • escrow   An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.
  • housing-equity partnership   An arrangement in which one buyer lives in a home and the other has an ownership stake as an investment. The partners split the capital gain after the property is sold.
  • sale-leaseback   A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
  • sales contract   A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."

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