This is a type of agreement or promise that is dependent on certain conditions being met. In real estate, a conditional commitment might be given by a lender to provide a loan to a borrower, but only if the borrower meets certain requirements such as providing a down payment or fixing any issues with the property.
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What does conditional commitment mean?
Related terms
Tax Shelter
Assumable Mortgage
Insurance Binder
Greek Revival Style
Firm Commitment
Covenant
Estimated Total Savings
Building Line Or Setback
Loan Application
Agency Closing
Contingency Contract
Prepayment Penalty
Subcontractor
Earthquake Insurance
Certificate of Eligibility
Loan Application Fee
Guarantee Mortgage
Schematic Designs
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