Definition of contingent in real estate
WebIn general, a contingency is a condition for something to happen, so the real estate contingency definition relates to provisions included in the sales contract stating that certain events must occur, certain actions must be taken and/or certain conditions must be met in order to make the contract valid. If not; the sales contract will ...
Definition of contingent in real estate
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WebMar 2, 2024 · The length of time depends on the state, but the contingency period is normally 17 days from the date the offer was accepted. If an offer is accepted March 1 and the contingency removal date is defined in the … WebOnce all of the contingencies have been removed and the active contingent stage is completed, the property will show a “ pending ” status. This means the closing is not far away. At this point ...
WebAug 15, 2024 · By definition, a contingency is a provision for an unforeseen future event or circumstance. In a real estate transaction, contingencies are covered by a variety of written clauses in the contract … WebApr 6, 2024 · "Contingent" and "pending" are terms that often appear on real estate listings, indicator this property's current phase of transaction. Contingent applies that the seller has presumed an quote, and the immobilien shall under contract—but some of the buyer's term, or contingencies, need to be met before the sale is final.
WebFeb 28, 2024 · In general, the term “contingent” means “depending on specific circumstances.”. In real estate transactions, a contingent home sale means that buyers … WebDefinition of "Contingent". When we use the term contingent, we typically imply that something is dependent on another factor. Real estate contingencies make home selling, buying, or even inheriting a property …
WebJan 1, 2024 · Read on to discover what home sellers need to know about real estate contingencies. 1. Inspection. Inspection contingencies in real estate benefit the home buyer, allowing them to renegotiate their offer if the inspector discovers problems. It also allows the buyer an out, so they can walk away from the sale. After a home inspection, …
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