Unconditional Agreements

Unconditional agreements relate to the sale and purchase of property, directly affecting the seller and buyer. It is a binding legal contract obligating the purchaser to go through with buying the property regardless of any conditions regarding the property made apparent during the sale and escrow process.

Conditions

• Unconditional agreements state a designated date and price for the final sale of property. The agreement isn't dependent on any conditions to be met. It's possible certain conditions were already met before the unconditional agreement is drawn up.

Considerations

• It's advisable for buyers entering into unconditional agreements to be completely certain they wish to purchase the property as there is no turning back once the documents are signed.

Financing

• Buyers who are purchasing property should have financial backing from a bank before entering into an unconditional agreement. Even if the purchaser doesn't have the money at the time, they should at least have a bank pre-approve them for a loan, such as a pre-approved home loan.

Templates

• While you can find an unconditional agreement template online, it's advisable to consult a legal professional before drawing up a contract. Local laws vary by city, county or state.