When it comes to buying or selling a house, there are various types of contracts that may be used. One of the most common is the unconditional contract, also known as an unconditional sale agreement. This type of contract is often preferred by sellers as it provides them with more certainty and security when it comes to the sale of their property.

So, what exactly is an unconditional contract house sale?

An unconditional contract house sale is a legally binding agreement that outlines the terms and conditions of the sale of a property. Unlike a conditional contract, which is subject to certain conditions being met, an unconditional contract does not have any conditions attached to it. This means that once the contract is signed and exchanged, the sale of the property is unconditional, and there is no going back.

This type of contract is generally used when the buyer is confident in their ability to obtain finance, and the seller is confident in the condition of the property. It is important to note that an unconditional contract house sale requires both parties to do their own due diligence before signing the contract. This includes things like obtaining a building and pest inspection report, checking for any easements or encumbrances on the property, and ensuring that all necessary approvals and permits are in place.

One of the main benefits of an unconditional contract house sale for the seller is that it minimizes the risk of the sale falling through. With a conditional contract, the buyer may back out of the sale if certain conditions are not met, such as obtaining finance or getting a satisfactory building inspection report. This can be frustrating and can result in delays and extra costs for the seller. With an unconditional contract, the sale is guaranteed, provided that both parties fulfill their obligations under the contract.

Another advantage of an unconditional contract house sale is that it can lead to a quicker settlement. Because there are no conditions to be met, the settlement date can be set earlier, which can be beneficial for both parties. The seller can receive their money sooner, and the buyer can move into the property sooner.

In summary, an unconditional contract house sale is a legally binding agreement that guarantees the sale of a property without any conditions attached. It provides sellers with more certainty and security, and can lead to a quicker settlement. However, it is important for both parties to do their due diligence before signing the contract to minimize the risk of any issues arising down the track. If you are considering buying or selling a property, it is always recommended to seek the advice of a qualified real estate professional to ensure that you fully understand your legal obligations and the terms of any contract you sign.