What does “Contingency” mean?

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There are plenty of real estate terms and vocabulary words that confuse buyers and sellers during the home buying/selling process! One of those words is “contingency”.

A contingency is used when a buyer or seller would like to have a way to get out of a purchase agreement without penalty. A contingency is a condition on the sale!

A few examples include:
– Mortgage
– Appraisal
– Home Inspection
– Clear Title
– Sale of a Current Home

Caron Koteles Riha, Associate Broker with Real Estate One, Michigan’s largest and most reputable firm, represents buyers and sellers in this constantly changing market, and with her 25+ years of experience works hard to Protect her clients with resale and new construction purchases, or selling a home. Call Caron at 248-379-6651 today to learn more.

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