What Does Contingent Mean?

 

Contingent in Real Estate means that there is an offer on a property, but the sale is contingent on certain criteria that must be met.  For example, an offer may be contingent on a Home Inspection being completed with a certain time frame. The offer is therefore contingent on satisfactory outcome of the inspection, or a negotiation between the parties to remedy any defect found, either through repairs/replacement, or monetary compensation in the form of a reduced price or credit.