Contingencies, Multiple offers, Highest & Best, and the Escalation Clause
Real estate transactions contain a myriad of words and phrases that your Realtor will readily understand, but you might not immediately recognize. While your real estate agent should explain and define all parts of the contract, not all do. Here are some of the most commonly asked about parts of the contract and real estate transactions!
What are Real Estate Contingencies?
In a real estate contract, a contingency is a clause that gives either party, or both parties, the ability to back out of the contract based on certain conditions. The sale of the home or property is therefore contingent, or depending upon, those conditions. There are lots of different
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