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People also ask
What does ontingent?mean when buying a house?
ontingent?in any sense means epending on certain circumstances.?In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.
What is the difference between active and contingency in real estate?
When the status changes from 渁ctive?to ontingent,?the home is still technically in an active status because other offers can typically still be made on the property, depending on how the contingency agreement is structured by the buyer and seller. However, the home is under contract and it may be headed towards closing.
What is a contingent show in real estate?
The first one is known as ontingent 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.
What is a contingency clause in real estate?
A contingency clause doesn’t necessarily mean all hope is lost for prospective buyers. Different states have different laws as it surrounds contingencies so you’ll want to speak with your Realtor about the current local rules for contingent homes.