Contingent is used to describe an offer that is dependent on the sale of another property. In other words, the buyer cannot move forward with the purchase until they have sold their current home. This term is often confused with “pending,” but there is a key difference. “Pending” refers to an offer that is currently under contract, while “contingent” describes an offer that is pending approval.
In the world of real estate, there are a lot of terms that can be confusing for newcomers. One such term is “contingent.” This word gets thrown around a lot in the industry, but what does it mean? In this blog post, we will explain what contingent means about real estate and how it differs from other terms like “pending.” Stay tuned for more information!
When you hear the word “contingent,” it might make you think of something that is not certain. In the world of real estate, contingent means that an offer is dependent on another event occurring. For example, a buyer might make a contingent offer on a property. This means that they are willing to purchase the property, but only if their current home sells first. This contingency gives the buyer a bit of protection in case their home does not sell as quickly as they had hoped.
Real Estate Industry Terms
As you can see, there is a big difference between contingent and pending when it comes to real estate. It is important to understand these terms before making an offer on a property. Now that you know the meaning of contingent, stay tuned for more blog posts about other real
If you’re confused about any of the terms in this blog post, be sure to reach out to a real estate professional for clarification. Now that you know what contingent means, stay tuned for more helpful blog posts about real estate! Thanks for reading!