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"Contingency in Real Estate"

From James Kimmons,
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Definition: A contingency is a provision in a real estate contract that specifies the contract would cease to exist upon the occurrence of a certain event.

Example: "This contract is contingent upon Buyer successfully obtaining a mortgage loan at an interest rate of 6% or lower." Should rates rise quickly, and this rate not be available, the contract would end.

Also Known As: Condition

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