What does contingent mean in real estate?

Answer 1

A real estate sale is contingent when the price has been agreed on but there are certain criteria that need to be met before the sale is final. Usually, these are things like inspections, appraisals, and mortgage approvals. If something goes wrong in one of the criteria, or contingencies, the buyer can typically renegotiate the price, request something be fixed, or even cancel the deal altogether.

Answer 2

"Contingent" in real estate means that an offer on a new home has been made and accepted, but the sale isn't final until certain criteria are met and all outstanding issues are resolved.

Answer 3

Normally it means the buyer and seller have agreed on a price and terms of sale. The contingency is usually that the buyer has a house to sell or close before they will be able to finance the purchase of the house they have under a contingent contract. There are various other contingencies that may be written into a contract, such as the buyer must approve the inspection of the home, his financing must be approved, he may want to be sure he is allowed to add a workshop, etc.

There is always a time limit on the contingency as to how long they have to sell their house, or if another buyer comes in with an offer and the seller prefers that one, there is a "kick out" clause in most contingencies. EX: Home is under contract and a better offer comes in, the seller may have a 48 hour kick out and give notice to the buyer that he has 48 hours to lift the contingency and buy the house or it will go to buyer #2. If Buyer #1 lifts the contingency and can't close, usually his deposit money if forfeited.

Answer 4

Normally it means the buyer and seller have agreed on a price and terms of sale. The contingency is usually that the buyer has a house to sell or close before they will be able to finance the purchase of the house they have under a contingent contract. There are various other contingencies that may be written into a contract, such as the buyer must approve the inspection of the home, his financing must be approved, he may want to be sure he is allowed to add a workshop, etc.

There is always a time limit on the contingency as to how long they have to sell their house, or if another buyer comes in with an offer and the seller prefers that one, there is a "kick out" clause in most contingencies. EX: Home is under contract and a better offer comes in, the seller may have a 48 hour kick out and give notice to the buyer that he has 48 hours to lift the contingency and buy the house or it will go to buyer #2. If Buyer #1 lifts the contingency and can't close, usually his deposit money if forfeited.

Answer 5

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Answer 6

In the world of real estate, there are many words that your everyday homebuyer -- and even some real estate agents new to the field -- may not be able to define. One of these terms is “contingent.” This is a word that homebuyers and real estate professionals alike should know and understand. Basically, what the word “contingent” or “a contingency” means is that there is a condition that is written into the contract. In order for the contract to be legally binding, the listed condition must be met. An excellent example of a contingency in a contract is when the buyers of a home include a clause that states the contract is not binding until a satisfactory home inspection from a qualified home inspector is completed. Once the inspection has been completed, the contract is then legally binding. As a homebuyer or a real estate agent, you will find that there are several different types of contingent statuses. The first one is known as “contingent show.” This means that there is a contract on the property, but the owner is still willing to show the property and will accept offers as back-up offers in the case the offer that is currently on the table fall through. A second type of contingent status is called “contingent no show.” In this case, the contingency status means that the seller has a contract on the property that they believe will not fall through, and the seller no longer wants to show the property to other prospective buyers. In simple terms, it means that the property is off of the market. The last of the contingent clauses is known as “contingent with kick-out.” This is a common phrase to put into a contract. It means that if there is currently an offer on the property, but a better offer comes along, the seller has the option to accept the better offer. In other words, the better offer will “kick out” the current offer. This clause helps the seller get the best deal available. If the contract states “contingent with no kick-out,” it simply means that there are no other offers being accepted. If the current contract happens to fall through, then the property will show as active, and new offers will be considered. Related real estate articles on Contingent:

Answer 7

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Answer 8

A home status changes to active contingent when a home seller has received an offer from a buyer but the buyer needs to meet certain conditions before a sale can be finalized.

A contingency is a clause written within the literature of the contract or offer these are conditions or contingencies that have to be met before you can close These conditions may include a home inspection or getting approval on a mortgage or an appraisal.

Here are some different contingencies for buyers to consider. Mortgage financing contingency: this contingency gives the buyer a way to back out of the contract if an application for financing is denied or if financing is granted for a lesser amount say if the home appraises for less than it’s expected.

Home inspection clause: This allows buyers to bring in a professional home inspector to inspect the property and to cancel or renegotiate the deal if the inspection turns up a less than satisfactory result such as significant structural flaws or major costly repairs buyers have the right to ask the seller to lower the sale price offer buyer credits or ask for necessary fixes to be completed before the close of the sale.

Contingencies for additional specialists and tests: If the initial inspection turns up issues additional inspections by specialists or other tests may be required this contingency allows buyers to have the home checked for things like mild and other toxic substances as well as wood destroying pests like termites.

It also allows for other specialists like chimney inspectors and foundation experts to come and look at the property before the sale is complete.

Attorney review contingency: This clause can give the buyer and the seller a specific amount of time as specified in the contract to have their legal team inspect the signed contract the lawyer will review the legality of the contract and check four important safeguards for their clients before the deal is done.

Buyer’s home sale contingency: This clause allows the buyer to cancel the contract without penalty if they're unable to sell their current home in a specified amount of time this way.

If the buyer is under contract to sell their residents and the deal falls through they won't be obligated to purchase the new property.

Appraisal contingency: This Clause permits the buyer to have the home appraised which is the must for many buyers financing their purchase and to only follow through with the sale if the appraisal matches or exceeds the home's price if you're using a lender.

It's smart to check to see if they require this contingency as part of your purchase. Contract contingencies can seem confusing but understanding them and including them in your contract is essential to protecting yourself.

Think of a contingency in a contract as a safety net for both the buyer and a seller.

Answer 9

In the realm of real estate, the term "contingent" commonly signifies a condition or prerequisite that must be fulfilled prior to the completion of a real estate transaction. These contingencies are specified in a contract between the buyer and seller, aiming to safeguard the interests of all parties engaged in the transaction.

It is crucial to acknowledge that the precise terms and conditions of contingencies can differ based on local laws, real estate practices, and the negotiations between the buyer and seller. To gain a clear understanding of the contingencies that apply to your specific situation, it is recommended to seek guidance from a knowledgeable real estate professional or attorney.

Answer 10

A condition or requirement that must be satisfied in order for a contract or agreement to be legally binding is referred to as "contingent" in the context of real estate. We at Remaxstar Estate Agents Ilford recognise the value of outlining contingencies to make sure that transactions go well. Our trained agents can walk you through the procedure, whether it's a finance contingency or a home inspection contingency. Visit estateagentsilford.co.uk to discover more about contingencies and how they affect real estate deals, and let our specialists help you every step of the way.