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What's the difference between conditional and conditional sale?


Asked by Jolene Todd on Dec 01, 2021 FAQ



conditional - imposing or depending on or containing a condition; "conditional acceptance of the terms"; "lent conditional support"; "the conditional sale will not be complete until the full purchase price is paid". qualified - limited or restricted; not absolute; "gave only qualified approval".
Subsequently,
A conditional contract is a type of contract where the sale of the property will only proceed if certain conditions outlined in the contract are met. The contract is called 'conditional' until the conditions listed are satisfied, at which stage it becomes 'unconditional'. What is the difference between conditional sale and hire purchase agreement?
In addition, Conditional sale is similar to hire purchase. The agreement usually includes the condition that the goods don’t belong to you until you’ve paid the final instalment and the lender may be able to repossess (take back) the goods if you fall behind with payments.
Also Know,
Since the title does not transfer to the buyer until the completion of the conditions, the seller remains the legal owner throughout the duration of the contract.
Additionally,
Anything from repairs being done before settlement all the way through to the buyer selling their property before they commit unconditionally. An unconditional offer on the other hand has more power to secure a sale. It also gives a buyer bargaining power against the owner, as it is known as a clean sale.