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This is an important part of a Purchase Contract where typically the Buyer has certain rights that they would like to exercise in determining that they will go ahead with the purchase. Often they negotiate Conditions to the sale that must be met such as a property inspection that is favorable to the Buyer (No defects that are of major cause for concern). Other common conditions are for Approved financing, verification of adequate water supply and quality, clear environmental reports, verifying approvals for subdividing off a portion of land if that is needed, satisfactory review of documents pertaining to the property, etc. If there is any reason that would impede on the Purchaser going forward with a purchase, it is vital that those be added as Conditions to the Purchase Contract prior to final acceptance with a specific amount of time in which they can work to satisfy those requirements. The Contract will be null and void if they do not waive (sign off) the conditions within the time that was agreed upon in the contract. Typically if a buyer does not waive their conditions, most contracts are written as such that their deposit is returned to them without penalty. For the period of time that there are Conditions in place and after a deal has proper signed acceptance, that deal is referred to as a Conditional Sale which may or may not be advertised as such. Sometimes the Seller chooses not to advertise that their property has a conditional sale but instead to continue actively marketing to other potential buyers.