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What does no contingency mean?
What does no contingency in real estate?
Asked By Cherry | Middelburg, VA | 2922 views | Terms Definitions | Updated 3 months ago
Answers(9)
Lynne Pruell
Realty 100 LLC
No contingency usually means that a sale is being made without any conditions or requirements that must be met before the sale can be completed. This typically means that the buyer is not including any contingencies in their offer, such as a financing contingency, an inspection contingency, or a home sale contingency.
- 2 years ago
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Amanda Courtney
REP Realty Group
No contingency usually means that a sale is being made without any conditions or requirements that must be met before the sale can be completed.
- 2 weeks ago
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Chris Yochum
Dickson Realty
No contingency usually means that a home is being sold and not wanting to have the purchase contingent on the buyer selling their home. Though there are technically several contingencies in a transaction, so this could mean a variety of things. Inspections is a contingency, appraisals are usually a contingency, loans can be a contingency. Though usually its referred to a buyer selling their home.
- 2 years ago
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Lisa and Greg Harris
eXp Realty, LLC
There are multiple things on a real estate contract that can be a contingency. A contingency is a condition of the contract or even a loan requirement. Contingent on the appraisal - meaning it has to appraise for the contract price. Contingent on a sale of a home - meaning the buyer needs to close on their current home to purchase the next home. Contingent on a Clear CL100 Inspection Letter - Many VA or FHA loans require that there is not termite or water damage to a home to have this inspection clear for financing. So a contingency is a condition of the contract or loan that needs to be met to close the home.
- 2 years ago
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Claudia Looi
Keller Williams Landmark II
No contingency means the buyer is making an offer without conditions. In other words, the buyer is not asking for protections like a financing contingency, inspection contingency, or appraisal contingency.
This type of offer is often stronger and more attractive to sellers because it reduces the chance of the deal falling apart. However, it also means the buyer is taking on more risk, since they are agreeing to move forward without those safeguards.
This type of offer is often stronger and more attractive to sellers because it reduces the chance of the deal falling apart. However, it also means the buyer is taking on more risk, since they are agreeing to move forward without those safeguards.
- 2 months ago
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Michelle Hatfield
EXIT Royal Realty
No contingency means that the seller has accepted the offer in a contract that requires no further stipulations be met. The status on this type of deal is generally listed as pending rather than as contingent because there are no contingencies to hold up the property from being closed on.
- 2 years ago
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Colleen Cotter
Vanguard Properties
Contingencies in an offer are your ability to cancel the contract. The common contingencies are inspection, financing, and appraisal...there are of course more but these are the most common.
Writing without contingencies, means that the contract is non contingent, and if you cancel & walk away, your initial deposit is at risk. Make sure you fully understand the property, the disclosures & the process before writing non contingent!
Writing without contingencies, means that the contract is non contingent, and if you cancel & walk away, your initial deposit is at risk. Make sure you fully understand the property, the disclosures & the process before writing non contingent!
- 2 years ago
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Jessica Fauteux
The Fauteux Group
A contingency is something that protects the buyer and gives them an out in the event things don't go well for them. Common contingencies include home inspections, well/septic inspections, HOA/condo document review periods, appraisal, and financing contingencies. A contingent free contract has huge benefits for sellers. If you have no contingencies in a contract, your likelihood of having a contract fall out prior to settlement is very unlikely. Certain contingencies may be more worrisome than others to sellers depending on the market, their home, and their specific situation.
- 3 months ago
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JULIE Nirschl
Long & Foster Realtors
Once you have a ratified contract with no contingencies, there is no way to get out of it. The contract is on a glide path to settlement. Contingencies are a way to break a real estate sales contract or possibly negotiate better terms. For instance, if you have a home inspection contingency, you could negotiate repairs or simply break the contract if the homeowner doesn't agree to fix certain items.
- 1 week ago
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