What does it mean when a home is contingent Meaning and Definition
What does it mean when a home is contingent
Pronunciation
Part of Speech
Noun Phrase
Definition
A term used in real estate transactions to describe a property purchase agreement that is dependent on certain conditions being met before the sale is finalized.
Examples
- The buyer agreed to purchase the house, contingent on the sale of their current home.
- The offer on the new home was contingent on the lender’s approval of the mortgage application.
Synonyms
- Pending
- Subject to
Antonyms
- Certain
- Final
Etymology
The term “contingent” has its roots in Latin, meaning “dependent on a condition.” In the context of real estate, it has evolved to describe a property purchase agreement that is dependent on certain conditions being met.
Usage Notes
When using the term “contingent” in a real estate transaction, it’s essential to clearly define the conditions that must be met before the sale is finalized. This ensures that both the buyer and seller are aware of the terms and can plan accordingly.
Cultural References
The concept of a contingent agreement has been featured in popular television shows and movies, often used to illustrate the complexities of real estate transactions.
Idiomatic Expressions or Phrases
“Contingent on” is a common idiomatic expression used to describe a situation where something is dependent on a specific condition or event.
Related Words or Phrases
- Pending
- Conditional
- Dependent
Collocations
- Contingent on the sale of their current home
- The offer was contingent on the lender’s approval
Frequency of Use
The term “contingent” is commonly used in real estate transactions, particularly in situations where a buyer or seller is uncertain about the outcome of specific conditions.
Common Misspellings
- Conjugent
- Contigent