A contract in which one or more conditions need to be met by the vendor and/or the buyer before the sale is able to proceed. For example, the sale can be subject to the buyer having finance arrangements approved within a week.
A contract that is agreed to by the Vendor and the Buyer, but where one or more conditions need to be met, usually within a specified time period, by either or both parties, e.g. it is subject to the purchaser raising finance within a few days or subject to the lawyers consent of the title etc.
A Contract of Purchase and Sale that has been agreed to by both buyer and seller, but has conditions to be removed before the contract becomes firm and binding. The buyer is in control of the sale at this point and has the option of not proceeding with the contract if the conditions are not met. The seller can not accept another offer except as a back-up offer.