What is a "firm" offer vs a conditional offer?
Quick Answer
Short answer: A firm offer has <em>no</em> conditions—binding once signed; a conditional offer hinges on clauses (financing, inspection) that must be satisfied to proceed.
Detailed Explanation
In a firm deal the buyer has removed or never included conditions, so both parties are locked in immediately; walking away exposes the defaulting party to legal action and potential loss of deposit.
Conversely, a conditional offer gives buyers time (and leverage) to complete due diligence. Until conditions are waived in writing, the contract is not fully binding.
- Common conditions: financing, property inspection, condo docs
- Firm offers stronger in multiple-offer situations
- Conditional period typically 5-14 days depending on clause
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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