A conditional offer means your Agreement of Purchase and Sale includes specific conditions that must be satisfied before the transaction becomes binding — common conditions include financing approval, home inspection, insurance, and lawyer review. Once all conditions have been met and both parties are satisfied, the buyer signs a Buyer’s Waiver of Conditions, which indicates these conditions have been met and makes the offer firm. A firm offer is legally binding — at that point, the property is considered sold and both parties are committed to closing. Understanding this distinction is important because the timeline and obligations for each party are different during the conditional period versus after the offer goes firm.