It pre-dates "textese" and pager codes, but even to individuals familiar with those modern informal languages, real estate lingo may still be incomprehensible. There are two types of real estate slang: the acronyms used in ads (of which there are over 6,000) and the daily jargon used by real estate industry professionals in their work. If this is your first real estate rodeo, let's bring you up to speed on what you may hear coming from the mouth of your real estate agent. Contingency: It's surprising how many real estate professionals throw this word around as if … (3 comments)
contingency: What is a Contingency?
- 09/21/14 04:10 AM
Think of the word "contingency" as akin to "if." When a homebuyer signs a contract agreeing to the purchase of a home, she is saying, "I agree to purchase this home for this amount of money if …" The "if" is the contingency. Contingencies are those items that must come to pass before the sale finalizes. The list of possible contingencies is endless – you could tell a seller that you'll purchase his home if his dog turns into a pig, sprouts wings and flies away. You could do that, although you probably wouldn't get the house. Contingencies in a … (4 comments)
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Real Estate Jargon Explained
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