What does contingent mean on realtor.com Meaning and Definition

Pronunciation

/kɑntɪŋɡɛnt/ 🔊

Part of Speech

Adjective

Definition

In real estate, contingent refers to a situation where a property sale is dependent on certain conditions being met before the sale can be finalized, such as the buyer securing financing or selling their own property.

Examples

• The buyer’s offer on the house was contingent on the seller’s acceptance of a lower price.
• The contingent offer was made, but the buyer still had to sell her current home before closing the deal.

Synonyms

• Conditional
• Dependent

Antonyms

• Unconditional
• Definite

Additional Information

In real estate, a contingent offer is one that has certain conditions or contingencies attached to it. This type of offer is usually used to protect the buyer or seller from any unforeseen circumstances that may arise during the transaction process.

For instance, a buyer might make an offer on a property that is contingent on them securing financing from a lender. This means that if the buyer fails to obtain financing, the offer becomes null and void. In another scenario, a seller might accept an offer that is contingent on the buyer selling their current home.

There are many reasons why a buyer or seller might use a contingent offer in real estate. For one, it allows them to make an offer on a property while still trying to sell their current home. This is often referred to as a contingent on sale of home or home sale contingency.

Additionally, contingent offers can protect buyers from unfavorable market conditions or from having to accept an offer that they do not feel comfortable with. It can also help sellers sell their current home by providing a more attractive offer.

When making an offer on a property with a contingent offer, buyers and sellers must understand that this type of offer has risks. The biggest risk is that the contingencies might not be met, resulting in the deal falling apart.

Buyers and sellers must communicate effectively to determine if the terms of the contingent offer are clear and realistic.

Eymology

The word contingent is derived from the Latin word contingentia, which means to come together.

Usage Notes

Contingent offers are often used in real estate transactions, particularly in buyer-seller negotiations.

Cultural References

The concept of contingent offers has been featured in popular culture, including films such as The Social Network.

Idiomatic Expressions or Phrases

• On contingency
• Subject to contingency

Related Words or Phrases

• Conditional offer
• Subject to

Collocations

• Contingent on
• Contingent offer

Frequency of Use

According to Google, the term contingent has a frequency of use of approximately 1.9 billion results.

Common Misspellings

• Contengent
• Contangent