By definition, a contingency is a provision in a real estate contract that makes the contract null and void if a certain event were to occur. #PeterVekselman #PartnerDriven #Motivation
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Speaker 1 (00:00):
So one of the words you hear a lot in real estate is contingency. What is exactly is a contingency. Uh, continuously usually happens when something goes under contract, but it’s contingent upon something taking place. Like a lot of times it’s contingent based upon the buyer, being able to secure financing. Sometimes the contingency you’ll be placed based upon the quality of the property. Like what happens after we inspect a property, there could be contingency placed upon the work that needs to be done to the property. Sometimes the contingency is based upon actually the buyer of a property, having to sell his existing residence. And the contingency there is if they cannot sell their existing residents, then they don’t have to buy this property. So basically contingency is something that needs to take place. Something that needs to be old, that needs to be overcome before an actual closing takes place. A contingency obviously is not something that sellers are always happy about, but contingencies are very common in a real estate business. And if you’re working with a good agent, a good realtor, then most of the contingencies could be overcome with absolutely no issues. Contingencies. That’s just part of being in real
Speaker 2 (01:12):