I've seen this while looking for property to buy or rent.
2006-06-16 02:40:51 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Contingent means that something else must happen before the transaction is considering final. An example is a residential real estate transaction is contingent on the sale of a previous home. The home they are living in must be sold before the purchase of the new home is completed. If the old home is not sold, then the new home is not purchased.
2006-06-16 02:44:19 · answer #1 · answered by Barbara R 1 · 0⤊ 0⤋
Take it from a REALTOR,
Contingencies are like conditions in the contract. If that one thing isn't met the contract is cancelable.
Contingencies can be:
1. The buyer has to successfully sell their own home before buying this home.
2. If if the appraisal doesn't match what the sale price is.
3. And an infinite amount of other things
2006-06-17 13:20:34 · answer #2 · answered by Skywalking 3 · 0⤊ 0⤋
A property listed as Contingent means that the seller has an offer in on another property and will only be selling the listed property if the other offer is accepted and closes.
2006-06-16 02:48:51 · answer #3 · answered by Winkster 1 · 0⤊ 0⤋
The purchase of the rental property was contingent on the buyer obtaining a loan to finance the purchase of the residence.
2006-06-16 02:56:00 · answer #4 · answered by csucdartgirl 7 · 0⤊ 0⤋
It means you're relying on something else to happen before you can move forward. For example, the sale may be contingent upon the buyers finding adequate financing - in other words, until they find a loan the contract is in limbo. That's why there are expiration dates, too. It could be contingent upon the buyers selling their current residence. It could be contingent upon the sellers finding a new residence. Get it? Ask a realtor to explain it better. That's what they get paid for.
2006-06-16 02:46:52 · answer #5 · answered by qnmumyv 2 · 0⤊ 0⤋
I think that means that to buy or rent that property, there are other things you need to do beside the normal steps of buying or renting. "It is contingent on XXXX happening."
If it is to buy the property, it may be contingent on the current property owner finding a property of their own to move in to.
2006-06-16 02:43:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Contingent (C), it is in contract but it is contingent to an inspection, a credit verification or......
2006-06-16 02:42:58 · answer #7 · answered by martha t 1 · 0⤊ 0⤋
It usually means that you can rent it until they can get someone to buy it.
2006-06-16 02:44:55 · answer #8 · answered by saraphen 5 · 0⤊ 0⤋
A fee that must be paid if a certain event occurs
2006-06-16 02:47:30 · answer #9 · answered by Tina 6 · 0⤊ 0⤋
Sale pending.
A contract is already in place.
No further offers accepted unless that offer is withdrawn/voided.
2006-06-16 02:45:34 · answer #10 · answered by pilot612b 2 · 0⤊ 0⤋