what does contingent mean on a house for sale

what does contingent mean on a house for sale

1 year ago 37
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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. Contingencies are conditions that either the buyer or seller (or both) must meet for the sale to go through. For example, a buyer may place an offer on a home, but the offer is contingent on the buyer selling their current home first or contingent on obtaining a mortgage. The contingencies can make or break the deal, and if they are not met, the contract is void, and the seller can accept other offers. A property listed as pending means that the provisions on a contingent property were successfully met, and the sale is being processed. In general, contingent means "depending on certain circumstances".

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