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“C” is for contingency….

 According to a Realtor textbook, “Real Estate Fundamentals”,the term “contingency” refers to:iStock_000006856543XSmall

“A provision in a contract that requires a certain act be done or a certain event to occur before a contract is binding.”

The most familiar contingency is a “mortgage contingency” where a prospective buyer and seller agree not to proceed with a sale until a buyers’ mortgage is confirmed.Other examples of contingencies include, inspections or specified repairs to the property.

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