When a buyer makes an offer to purchase a property under terms to which the seller agrees, as soon as the contract becomes legally binding, this is referred to as “going unconditional”. At this point both the buyer and the seller are legally obligated to complete the transaction for the sale of the property on the terms agreed.
For example, a buyer may agree to purchase a home subject to obtaining finance to do so. As soon as the buyer has secured formal approval to finance the purchase, the contract will be deemed unconditional and the sale is binding on both parties.