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Contingencies

These are clauses in a home’s contract that allow buyers to back out of the sale if certain conditions are not met. Contingencies refer to the buyer needing to sell their home before they can purchase a new one. With a home sale contingency in place as part of the sales contract, the transaction is contingent upon the successful sale and settlement of the buyer’s current home. If the buyer’s home sells by the specified date, the contract moves forward.

Read more: 8 Reasons Pending Home Sales Fail