Contracts
In Michigan, the term 'contingent' on a property listing means:
AThe property is no longer available
BAn accepted offer exists but the sale depends on one or more conditions being met✓ Correct
CThe property is under foreclosure
DThe listing is pending LARA approval
Explanation
A 'contingent' status indicates that an offer has been accepted but the sale is subject to conditions (financing, inspection, sale of another home) that must be met before the transaction can close.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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