{"id":881,"count":0,"description":"\r\n\r\nJump to: \r\nWhat is contingency?<\/a>\r\nWhat is the difference between contingent and pending?<\/a>\r\nWhat is a contingent offer\/contingent sale\/contract contingency?<\/a>\r\nWhat is inspection contingency?<\/a>\r\nWhat is appraisal contingency?<\/a>\r\nWhat is sale contingency?<\/a>\r\nWhat is title contingency?<\/a>\r\nWhat is financing\/mortgage contingency?<\/a>\r\n\r\nWhat is contingency?\r\n\r\nIn real estate, Contingency refers to a contractual clause or a provision that defines conditions or actions that must be met or completed in order for a contract to become or remain binding.\r\nThe term can be applied to various elements of a real estate transaction, such as offer, sale, contract, property, etc.\r\n\r\n\r\n\r\n\r\n\r\nWhat is the difference between contingent and pending?\r\n\r\n\r\nThese two property\/listing statuses refer to different steps of the real estate transaction process:\r\n- Contingent means the listing is still active, in that an offer has been made and accepted but conditions still have to be met before it is closed. So the listing remains active, in the event that the contingent is not met and the deal falls through\r\n- Pending means the contingent has been met and the transaction is in progress. The listing is no longer considered active at this point.\r\n\r\n\r\n\r\n\r\nWhat is a contingent offer\/contingent sale\/contract contingency?\r\n\r\nThis is a frequently encountered term and it refers to the fact that a possible buyer has made an offer which the seller has accepted. However, closing the sale is contingent upon certain provisions that have not been finalized yet. These provisions are usually in place for the protection of both the buyer and the seller\u2019s interest.\r\nFor example, the buyer makes and offer which is accepted, but requires an appraisal or a property inspection before committing to buying the property.\r\nOn the other hand, the seller has accepted the potential buyer\u2019s offer, but the sale is contingent upon the buyer getting a mortgage approval, so that the transaction can be finalized.\r\n\r\n\r\n\r\n\r\n\r\nWhat is inspection contingency?\r\n\r\nInspection contingency allows the buyer to have the home professionally inspected. In the event that there are any issues discovered, the buyer can request the issue be fixed, or they can back out of the deal.\r\n\r\n\r\n\r\n\r\nWhat is appraisal contingency?\r\n\r\nAppraisal contingency allows the buyer to have the property independently appraised. If the appraisal does not confirm a property value that is equal to or higher than the buyer\u2019s offer, they can back out of the deal.\r\n\r\n\r\n\r\nWhat is sale contingency?\r\n\r\nIf the buyer\u2019s offer on a new property depends on the sale of a current property, the new sale is at risk of falling through if the sale it depends on does not succeed, first.\r\n\r\n\r\n\r\nWhat is title contingency?\r\n\r\nTitle contingency allows the buyer to review a title report on the property, which documents the history of ownership and shows whether the property is clear of liens.\r\n\r\n\r\n\r\nWhat is financing\/mortgage contingency?\r\n\r\nThis means the buyer must first get approved for a loan to secure the purchase of the property. The buyer will have a given amount a time, a deadline by which to finalize any necessary procedures and provide the seller a loan commitment letter from a lender. If the potential buyer does not meet the deadline, the seller may choose to move forward with other offers. \r\n\r\n\r\n\r\nYou might also be interested in:\r\n\r\n What does it mean to own property as tenants in common?<\/a>\r\nWhat does it mean when a property is zoned commercial?<\/a>\r\nWhat is \u00a0check endorsement?<\/a>\r\n\r\n\r\n\r\n\r\n\r\n\r\nSearch other terms\r\n\r\n\r\nA<\/a>\r\nB<\/a>\r\nC<\/a>\r\nD<\/a>\r\n\r\n\r\nE<\/a>\r\nF<\/a>\r\nG<\/a>\r\nH<\/a>\r\n\r\n\r\nI<\/a>\r\nJ<\/a>\r\nK<\/a>\r\nL<\/a>\r\n\r\n\r\nM<\/a>\r\nN<\/a>\r\nO<\/a>\r\nP<\/a>\r\n\r\n\r\nQ<\/a>\r\nR<\/a>\r\nS<\/a>\r\nT<\/a>\r\n\r\n\r\nU<\/a>\r\nV<\/a>\r\nW<\/a>\r\nX<\/a>\r\n\r\n\r\nY<\/a>\r\nZ<\/a>\r\n\r\n\r\n\r\n\r\n\r\nPopular terms\r\n\r\n\r\n\r\n\r\nAmortization<\/a>\r\n\r\n\r\nEquity <\/a>\r\n\r\n\r\nNotary Public <\/a>\r\n\r\n\r\nProgression\/Regression<\/a>\r\n\r\n\r\nAcquisition <\/a>\r\n\r\n\r\nAnnuity <\/a>\r\n\r\n\r\nAsset <\/a>\r\n \r\n \r\n Fiduciary <\/a>\r\n\r\n \r\n Inflation <\/a>\r\n\r\n \r\n Contingency <\/a>\r\n\r\n \r\n Escrow<\/a>\r\n\r\n \r\n Power of attorney <\/a>\r\n\r\n \r\n Real Estate Agent <\/a>\r\n\r\n \r\n Eminent Domain <\/a>\r\n\r\n \r\n Liability <\/a>\r\n\r\n \r\n Statute of Limitations<\/a>\r\n\r\n \r\n Valid <\/a>\r\n\r\n \r\n Variance<\/a>\r\n\r\n \r\n Contiguous <\/a>\r\n\r\n \r\n Deficit<\/a>\r\n\r\n\r\n\r\n\r\n","link":"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-contingency\/","name":"Contingency","slug":"cre-term-contingency","taxonomy":"post_tag","meta":[],"yoast_head":"\nWhat is Contingency? - Commercial Real Estate Dictionary<\/title>\n<meta name=\"description\" content=\"In real estate, Contingency refers to a contractual clause or a provision that defines conditions or actions that must be met or completed in order for a contract to become or remain binding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-contingency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contingency Archives\" \/>\n<meta property=\"og:description\" content=\"In real estate, Contingency refers to a contractual clause or a provision that defines conditions or actions that must be met or completed in order for a contract to become or remain binding.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-contingency\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialCafe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"CollectionPage\",\"@id\":\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-contingency\/\",\"url\":\"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-contingency\/\",\"name\":\"What is Contingency? 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