While you might strike a deal in principle with a buyer, loose ends-in the form of "conditions"-may have to be tidied up before the sale can be completed.

A conditional offer is one in which the sale of the property is agreed to buy both buyer and seller, subject to outstanding conditions being met by the appropriate party.

A buyer's ability to successfully obtained mortgage financing, a satisfactory home inspection or the sale of the buyer's current home within a prescribed time are all conditions which might affect the final outcome of the sale.

If the conditions are satisfied within the allotted time frame, the offer becomes " firm and binding". If not, the deal is off, and the deposit is returned to the buyer.

As the seller, don't put yourself in the position of facing a lengthy period of legal limbo.

Add an escape clause to your counter-offer - if another acceptable offer is presented while you're waiting for conditions to be met, the first buyer must either waive the condition and close the sale, or forfeit the deal.