Conditional contracts are put in place to secure a purchase between a seller and buyer where completion is to be delayed until certain conditions are met.
The benefit of these contracts is that the parties have security that the land has exchanged and that neither party can withdraw from the deal UNLESS one of the conditions is not met.
Conditional contracts can allow for works to be done, planning permission obtained, or other matters resolved by one of the parties, with the security that the property will be purchased or sold once a task has been completed.
It is important when agreeing these contracts to seek expert advice upon their terms. Matters that will need to be considered are long stop dates (when can parties withdraw from the contract if the conditions have not been met), obligations to discharge the conditions (such as applying for planning and pursuing it diligently), costs of the parties should the conditions not be met.
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