What is contingency?
A contingency is a condition in a purchase contract that must be met for the sale to go forward, such as an inspection, appraisal or financing contingency.
In practice
- Each contingency has a deadline set in the contract.
- If a contingency is not met, the contract usually lets a party cancel or renegotiate.
General information, not legal, tax or financial advice. Rules vary by state and MLS.
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