Contingency

What is a Contingency?

A provision of the contract that keeps the agreement from being fully legally binding until a certain condition(s) is met.

For example, the purchase of a home can be contingent upon the buyer selling their home first.

Every real estate contract includes space for “contingency clauses,” or conditions put forth by the homebuyer and home seller that must be met for the transaction to close.

Here are some types of contingency clauses you might see in your next home sale…

📝 Home Inspection / Due Diligence
📝 Cost-of-Repair
📝 Appraisal
📝 Financing or Mortgage
📝 Sale and Settlement

Contingency clauses can be tricky to navigate, which is why it’s always a good idea to have a licensed real estate professional guide you through the process.

We know this lingo inside and out, so reach out if you’re thinking about buying or selling a home soon!