Hey. I have a few properties in India and recently sold one in Delhi. So, I would be the right person to tell you when selling a house what does contingent mean. Contingent literally means selling a property depending on certain circumstances. When a house is listed as a contingent, it means that the buyer has made an offer, which has been accepted by the seller. But before the deal is completed, there are certain conditions that must be met. Let me share more below.
What is the Meaning of Contingent During a House Sale?
Continuing from above, once the buyer puts up their conditions in front of the seller, it is up to the decision of the seller to accept or reject the stipulations. If the seller agrees, the deal is locked. However, upon rejection, the buyer can walk away and the house goes back to the market.
With a contingent offer, you have stated that a certain stipulation be met before the sale moves ahead. If it doesn’t, the contract is void, and the seller is free to move on to their backup offer received while the sale was contingent.
Contingency clauses are often used to safeguard the buyer from problematic home listings or unforeseen issues within the real estate market. So, if you are looking to buy a house, ensure you get all the checks done and if there’s any scope, add a contingency clause.
Get Property Due Diligence Before Making Purchase by Certified Advocates at NoBroker! Some related information:Why is due diligence important before buying a property?
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When Selling a House What Does Contingent Mean?
vayu
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6 days
2024-12-05T11:44:33+00:00 2024-12-05T11:44:33+00:00Comment
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