If you are new to purchasing residential property, there is a wealth of information out there.
Most importantly, before you sign an agreement for sale and purchase, you should understand the document you are signing.
A conditional contract refers to the agreement, but the agreement is still subject to some conditions. Conditions could be getting a builder’s report or doing a building inspection. Once the conditions are satisfied, the contract becomes unconditional.
An unconditional contract means the conditions in the contract have been satisfied and the transaction is ok to go ahead. Change of ownership will happen on the settlement date.
Below are the links to the Residential real estate Guide as approved by the Real Estate Agents Authority Board.