A requirement or contingency written into the Agreement of Purchase and Sale (APS) that must be satisfied within a specified timeframe before the agreement becomes firm and binding. In Ontario, common conditions include: financing (buyer must secure a mortgage), home inspection, status certificate review (for condos), and sale of buyer’s existing property. If a condition is not fulfilled or waived in writing by the deadline, the agreement is void and the deposit is returned.
Synonyms:
contingency|condition of sale|conditional offer