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What does no contingency mean?
What does no contingency mean?
Asked By Cherry | Middelburg, VA | 688 views | Terms Definitions | 1 year ago
Answer(5)
Chris Yochum
Dickson Realty
No contingency usually means that a home is being sold and not wanting to have the purchase contingent on the buyer selling their home. Though there are technically several contingencies in a transaction, so this could mean a variety of things. Inspections is a contingency, appraisals are usually a contingency, loans can be a contingency. Though usually its referred to a buyer selling their home.
- 1 year ago
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Lisa and Greg Harris
eXp Realty, LLC
There are multiple things on a real estate contract that can be a contingency. A contingency is a condition of the contract or even a loan requirement. Contingent on the appraisal - meaning it has to appraise for the contract price. Contingent on a sale of a home - meaning the buyer needs to close on their current home to purchase the next home. Contingent on a Clear CL100 Inspection Letter - Many VA or FHA loans require that there is not termite or water damage to a home to have this inspection clear for financing. So a contingency is a condition of the contract or loan that needs to be met to close the home.
- 1 year ago
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Lynne Pruell
Realty 100 LLC
No contingency usually means that a sale is being made without any conditions or requirements that must be met before the sale can be completed. This typically means that the buyer is not including any contingencies in their offer, such as a financing contingency, an inspection contingency, or a home sale contingency.
- 1 year ago
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Michelle Hatfield
EXIT Royal Realty
No contingency means that the seller has accepted the offer in a contract that requires no further stipulations be met. The status on this type of deal is generally listed as pending rather than as contingent because there are no contingencies to hold up the property from being closed on.
- 1 year ago
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Colleen Cotter
Vanguard Properties
Contingencies in an offer are your ability to cancel the contract. The common contingencies are inspection, financing, and appraisal...there are of course more but these are the most common.
Writing without contingencies, means that the contract is non contingent, and if you cancel & walk away, your initial deposit is at risk. Make sure you fully understand the property, the disclosures & the process before writing non contingent!
- 1 year ago
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