What contingency means?

What contingency means?

1 : a contingent event or condition: such as. a : an event (such as an emergency) that may but is not certain to occur trying to provide for every contingency. b : something liable to happen as an adjunct to or result of something else the contingencies of war.

What does in case of contingency mean?

A contingency is certain criteria in the purchase agreement that needs to be met before the sale can be final. Almost all contingencies in the agreement will be from the buyer, but they can come from the seller too. ... A non contingent offer on a house means that the buyer did not include any contingencies in their offer.

How do you use the word contingency?

Contingency in a Sentence 🔉

1. The city's evacuation plan is designed to be effective in case of any contingency that necessitates a hasty withdrawal.
2. If a contingency disrupts our outdoor wedding, we have a church on standby.

What if the seller rejected my offer?

Restructure Your Offer Everything is negotiable in a real estate deal. Just because a seller has rejected your initial offer doesn't mean you can't restructure it and resubmit it. If you're using a real estate agent to find a home, work closely with her to go over your rejected purchase offer.

Does contingent mean sold?

What does contingent mean when a house is for sale? ... When a property is marked as contingent, it means that the buyer has made an offer and the seller has accepted that offer, but the deal is conditional upon one or more things happening, and the closing won't take place until those things happen.

Are contingent in a sentence?

Contingent sentence example. The community had to produce its contingent of the taille. Mary, with the assistance of a French contingent , began to fortify Leith. This last part contains some contingent of personal observation.

Do Sellers usually accept first offer?

Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”

Can I still show my house after accepting an offer?

Getting your offer accepted on a home is half the battle in the homebuying process. A home can still be shown, even if you have a contract signed by the seller. If inspections, the appraisal and your mortgage approval go as planned, the home is as good as yours because you're under contract.

Can I put an offer on a house that is contingent?

To be clear, you can make an offer at any stage of the home buying process. Until the house is listed as “sold,” you are able to put an offer in on a contingent home. ... The process of making an offer on a contingent home is relatively the same as that of any other offer on an active listing.

Can you buy a house that is contingent?

Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.