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What Does Contingent Mean in Real Estate Sales

Realty Biz

NOVEMBER 11, 2020

Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Perhaps, they have taken out a fresh loan, or their situation has changed in some other way since pre-approval. In real estate jargon, this is referred to as a “backup offer.”

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Backup offer Sales Home sale contingency Earnest money deposit 110
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Anticipatory Breach: One Giant Grey Area!

Toronto Realty Blog

NOVEMBER 3, 2021

The deposit went into our brokerage trust account, the property was updated as ‘sold’ on MLS, and the ‘SOLD’ sign went up on the lawn. I told the buyer agent with the backup offer what had happened and she laughed. “I’ve seen it all,” she said. “Good luck!” Not exactly.

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Purchase and sale agreement Closing Backup offer Agents 96
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