Hey everyone! Your local Central Florida Real Estate Expert here ready to throw down some insight on what “contingent” means in real estate contracts and what that entails.
First thing to note is that I specialize in Home Buyers, aka Selling Agent or Buyers Agent. My very first closing included a home sale contingency. It involves including an extra “rider” with the contract and that indicates to the sellers that the buyers offer is contingent upon their previous home.
So what does “contingent” mean exactly? In the context of it being the Home Sale Contingency “rider”, it means that this offer will only be valid upon the successful closing of a home I am currently selling. Shortened version, this offer is contingent upon my home selling.
Contingent also appears in other parts of the contract language but it usually is synonymous with “dependent”. It’s a fancy word that can be replaced with others.
As it currently stands, having a contingent home sale does NOT help you as a buyer. It’s better to sell first and close before buying your next home.
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