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What Does Contingent Mean in Real Estate Sales

Realty Biz

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

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What Is an Option Period When Buying a Home?

HomeLight

This enables the buyer to terminate the sale at any point during the allotted time. For example, states such as North Carolina and Georgia have a due diligence period that works in a similar way. The option period and fee are finalized in the purchase contract terms of the sale. When does an option period begin?