Real Estate agents always get asked what contingent means in real estate sites. When checking online real estate listings, you might encounter phrases you don’t recognize. One such phrase is “contingent,” but what is a contingent sale, and how will it affect your property transaction? Realt...
The term “contingent” refers to a specific condition or requirement that must be met for a sale or purchase agreement to be fully executed. Understandingwhat contingent meansin real estate is vital for buyers and sellers alike. These contingencies are typically outlined in the contract and protec...
A contingent sale means the buyer and seller are waiting for specific conditions to be met before they finalize the sale, while a pending sale has met those conditions and is being processed. Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but...
"Active" status may be further broken down into subcategories. "Active Contingent" means the house is still technically available, but its sale may be pending a buyer's financing approval. "Active Option Contract" means that the seller has accepted an offer from a purchaser, but the contract ...
In order for any real estate sale to close, the title must be clear — that is, free of any claims or doubts about ownership. That means if there is any sort of lien or claim to the property, the closing cannot proceed until that issue is cleared up. The Internal Revenue Service or...
Danielle Hale, chief economist for real estate information company realtor.com, explains that market value is based on the expectation that the property would sell during the period the value is calculated. “When people think about home values, they often mean, ‘This is the pr...
However, buying a home is only good if you’re in the financial position to do so. This means you need a realistic understanding of how much it costs to purchase a home, including the down payment, closing costs and ongoing costs associated with homeownership. You can also take steps to ...
The trustee plays a crucial role in the management and distribution of a trust. Find out what the trustee's responsibilities are and how to choose one.
Common in real estate, conditional offers are offers made by buyers to sellers that include one or more contingency or “condition” that needs to be met for the sale to occur.1 Alternate name: contingent offer Both buyer and seller must agree to the conditions. If the condition is not sat...
Since homeowners normally cannot afford to purchase new properties without selling their current residence first, contingent offers are common, especially in buyer’s markets. When the seller accepts the contingent offer, the buyer receives a sales contract with a limited-time ROFR clause[5]. The ...