Contracts
A 'contingent' listing on an Indiana MLS means:
AThe property is not yet listed for sale
BThe property is under contract but the sale is subject to contingencies (such as inspection, financing, or the sale of another home) that could cause the contract to fall through✓ Correct
CThe price has been reduced
DThe property is available for backup offers only
Explanation
A contingent status in MLS indicates the property has an accepted purchase contract, but one or more contingencies must be satisfied before the sale becomes firm. Some contingent listings accept backup offers.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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