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What Is a Contingency in Real Estate?
Contingencies are one of the most important parts of a real estate offer, but they often go unexplained. Here is a plain-English breakdown of what they are and why they matter.
Video coming soon
The key takeaways are below in the meantime.
Written by Bri Bond-Erwin
Key Takeaways
- A contingency is a condition in a real estate contract that must be satisfied for the transaction to move forward
- If a contingency is not met, the buyer generally has the right to exit the contract without losing their earnest money
- Common contingencies include home inspection, financing, and appraisal contingencies
- Contingencies protect buyers by creating defined exit points during the transaction process
- Sellers may prefer offers with fewer contingencies in a competitive market, which creates tradeoffs for buyers
- Understanding each contingency before you waive or include it is an important part of making a sound offer
Transcript will be available when the video is recorded.
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