A Pending Contingency Contract

By
Real Estate Agent with Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 141871

A Pending Contingency Contract in Oklahoma, when using the forms supplied by the state of Oklahoma means that there is a sale contract on the property contingent upon the buyer selling another property before the closing date (which means they have a certain length of time to sell their property (usually their current home). 

 

The Buyers Property is either already listed with a real estate agent or will be listed within 2 days.

 

The Seller can leave their property on the market.  If the seller gets another valid, bona fide written offer from a second buyer subject to no conditions other than inspections, title, survey, (or mortgage inspection certifcate), or fianancing, the first Buyer must either remove their contingency and move forward with the purchase or terminate their contract so the Seller can sell to the second BuyerThe Second offer cannot be a contingency offer where that buyer also has to sell a property to purchase.

 

A copy of the second offer must be supplied to the first Buyer. 

 

Integrity Real Estate Services currently has a Pending Contingency Contract on one home.  We also have the Buyers home listed for sale.  We have worked with several of these in the past.  It is the Sellers Choice to accept this type of offer.  

 

The Buyer in essence has a type of "right of first refusal". 

 

When shopping as a Buyer and if you need to sell a home in order to purchase (you are looking to purchase with a contingency contract), it's important to remember that a seller cannot accept your offer if they already have pending contingency contract in place.

 

Comments (3)

Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good day 

Thank you for sharing your information with us and congratulations.

Have a great day.

08/11/2018 

Aug 11, 2018 03:02 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi congratulations on the pending sale.  This is a beautiful property.

Aug 11, 2018 04:46 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Congratulations on the pending sale. This is a good explanation of how the sale contingency can work.

Aug 12, 2018 03:36 AM