What does “contingent” mean in real estate?
A contingent home sale means a seller has accepted a buyer’s offer, but the sale is not final yet. Certain conditions, called real estate contingencies, must be met before the home can close. In simple terms, the home is under contract, but the buyer or seller may still have important steps to complete.
What is a home sale contingency?
A home sale contingency means the buyer’s ability to purchase the new home depends on selling their current home first. This type of contingency is common when buyers need the money from their current home sale to help buy their next property.