What the hell is a "contingency"?

By
Real Estate Agent with Century 21 Redwood DC-SP98366576

A contingency is used often in the preparation of an offer or a counter offer in the purchase of real estate. What is a "contingency".

Ένα ενδεχόμενο είναι ένα μελλοντικό γεγονός ή περίσταση που είναι δυνατή, αλλά δεν μπορεί να προβλεφθεί με βεβαιότητα.

That is Greek to me and it should be Greek to you. It roughly translates "A contingency is a future event or circumstance that is possible but cannot be predicted with certainty."

The meaning of the word in discussing a real estate transaction may be Greek to you. I am not an attorney and I certainly don't sleep in Holiday Inn's. The following is in layman's terms. You should know what a contingency is and what it does in a contract.

For home buyers, let's take a step back to the early stages. You have done your homework and you have been approved for a mortgage. You have visited homes and found the one that you wish to purchase.

Picture yourself standing out in front of that home. It's right over there and you are right here. How do you safely move from standing out front to actually owning the home?

this is vital information.....read more

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Topic:
Home Buying
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District of Columbia District of Columbia
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The Lounge at Active Rain
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Tags:
contingency
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John MacArthur

Licensed Maryland/DC Realtor, Metro DC Homes
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