Conditional Offer explained
A conditional offer includes clauses, often called conditions or subjects, that must be fulfilled within set deadlines before the purchase is final. Common conditions cover financing approval, a satisfactory home inspection, the sale of the buyer's current home, lawyer review, or, for a condo, review of the status certificate.
Until the conditions are met and formally waived, the buyer can usually exit the deal and recover their deposit if a condition genuinely fails. Once every condition is waived in writing by its deadline, the offer becomes firm and binding, and the transaction proceeds toward closing on the agreed date.