How Do You Use The Word Contingency?

What does contingency mean?

“Contingent” or “pending” status means that the home’s owner has accepted an offer from a prospective buyer and that the offer comes with contingencies.

For example, a buyer may place an offer on a home, but the offer is contingent on the buyer selling their current home first or contingent on obtaining a mortgage..

Can a seller back out of a contingent offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid. … They can’t find another home to move into.

What is another word for contingency?

Some common synonyms of contingency are crisis, emergency, exigency, juncture, pinch, straits, and strait. While all these words mean “a critical or crucial time or state of affairs,” contingency implies an emergency or exigency that is regarded as possible but uncertain of occurrence.

Does contingent mean sold?

What does contingent mean when a house is for sale? … When a property is marked as contingent, it means that the buyer has made an offer and the seller has accepted that offer, but the deal is conditional upon one or more things happening, and the closing won’t take place until those things happen.

How do you beat a contingent offer?

documenting that your over-asking offer price is backed-up by nearby comparable sales (minimizing the risk of later appraisal problems) making an all-cash or high-down payment offer (if your resources allow) offering to buy the home as-is (so long as you retain your inspection and loan contingencies) or even.

What is another name for a contingency table?

cross tabulationIn statistics, a contingency table (also known as a cross tabulation or crosstab) is a type of table in a matrix format that displays the (multivariate) frequency distribution of the variables. They are heavily used in survey research, business intelligence, engineering, and scientific research.

What is the purpose of contingency?

“The purpose of any contingency plan is to allow an organization to return to its daily operations as quickly as possible after an unforeseen event. The contingency plan protects resources, minimizes customer inconvenience and identifies key staff, assigning specific responsibilities in the context of the recovery.”

What does contingency time mean?

The contingency allowance is the time allocated during planning for unscheduled events. Technical and personal disruptions result in changes in the indirect production costs. … The time is usually added to the pure operations time to form a standard time in manufacturing.

How do you use contingent in a sentence?

Contingent sentence examplesMary, with the assistance of a French contingent, began to fortify Leith. … The community had to produce its contingent of the taille. … There were also extra charges under contingent regulations of great complexity, which commonly added 50 per cent. … This last part contains some contingent of personal observation.More items…

What is an example of contingency?

Contingency means something that could happen or come up depending on other occurrences. An example of a contingency is the unexpected need for a bandage on a hike. … An example of contingency is a military strategy that can’t go forward until an earlier piece of the war plan is complete.

What is the definition of contingency plan?

Contingency planning can be effective in mitigating these risks. … Contingency planning is defined as a course of action designed to help an organization respond to an event that may or may not happen.

What is the opposite of contingency?

Antonyms: appointment, calculation, certainty, decree, fate, foreordination, intention, law, necessity, ordainment, ordinance, plan, preparation, provision, purpose.

Can a realtor show a house that is contingent?

Unlike a CCS status, once a seller has accepted an offer with contingencies, they will no longer be showing the house or accepting offers.

How long does a contingency last?

A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn’t able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.

Can a buyer back out of a contingent offer?

When you sign a purchase agreement for real estate, you’re legally bound to the contract terms, and you’ll give the seller an upfront deposit called earnest money. … But having contingencies in place makes backing out of an accepted offer perfectly legal while ensuring you get your earnest money back in most cases.