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What is a Contingency?

In a real estate contract, a contingency is a clause that outlines a specific condition that needs to be met before the contract is binding and closing can occur.  These contingencies act as a safety net for both the buyer and seller, allowing them to back out of the deal if the condition isn't satisfied. A few examples: mortgage contingency, home inspection contingency or home sale contingency.


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Acording to my knowledge ,contingency is a plan or action taken in response to unexpected events, ensuring preparedness for various outcomes.


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Contingency is a statement that is used in the real estate agency. I explored new things that I didn't know.


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