Home Buying Terminology - The Contingency

Home Buying Terminology: An A-to-Z review of common terms you'll encounter during the home buying process.

Contingency -- A home buying contingency is a condition that must be met before a purchase agreement / contract becomes binding.

Here are some common examples of contingencies with home buying contracts:

* Contract is contingent on the buyer selling their current home.

* Sale is contingent on the home passing the home inspection.

* Sale is contingent upon a negative test for lead-based paint, radon and mold.

Learn More
About.com has a good page about home buying contingencies.


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Learn more home buying terms at HomeBuyingInstitute.com
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