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Can you back out of a conditional offer? Yes. A buyer can back out of a conditional offer if the agreed-upon contingencies are not met within a specific timeframe. For example, a buyer with a financing contingency can walk away from a deal if denied a mortgage.

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

Outside of any contingencies or other stipulations in the contract, once both parties have signed the purchase agreement, they're legally bound to proceed with the home sale. For buyers, this means that you could lose your earnest money deposit if you walk away.

When you write a conditional Offer to Purchase, it means you want to buy the property but before making it a firm sale, you want the ability and time to review or confirm information. Some common conditions include home inspection, financing, and a review of condominium documents (if buying a condominium).

A conditional sale refers to a transaction in which the purchaser receives possession of and the right to use certain goods, but the title remains with the seller until the performance of a condition is met by the buyer.

A conditional offer lets you specify conditions that need to be met before the sale goes through, like getting a building inspection, LIM report, or finance approval. You need to meet those conditions within an agreed timeframe e.g. five working days.

A seller can consider additional offers even after signing a conditional offer. This is because the sale is not final and binding on both parties until all the conditions in that offer have been either fulfilled or waived.