Real Estate Term
Waive
To voluntarily give up a right or condition, such as a condition in an offer.
What is Waive?
To waive means to voluntarily give up a right or remove a condition from an offer, such as dropping a financing or inspection condition. Buyers waive conditions to make an offer more attractive, especially in competitive multiple-offer situations, but doing so removes the protection that condition provided. Waiving should be a deliberate decision, weighed against the added risk.
Frequently asked questions
Related terms
Conditional OfferAn offer to purchase that includes specific conditions that must be met before the sale is finalized.Subject to FinancingA condition in an offer that makes the sale contingent on the buyer obtaining financing.Home InspectionA thorough examination of a property's condition by a qualified inspector before purchase.Multiple OffersA situation where a seller receives more than one offer to purchase their property.
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