Real Estate Word of the Day: Contingency
A contingency is a condition or requirement that must be met for a real estate contract to become binding. Think of it as a safety net, allowing either the buyer or the seller to back out of the deal without penalty if certain conditions aren't satisfied. Contingencies protect both parties by ensuring that specific criteria are met before finalizing the sale.
Contingencies are a vital part of the real estate process because they provide security and flexibility for both buyers and sellers. For buyers, contingencies offer peace of mind, ensuring they are protected if something goes wrong. For sellers, while contingencies might seem like potential obstacles, they actually help in moving serious and qualified buyers forward in the process.
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
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