What are real estate “contingencies”?

In #realestate, a #contingency refers to a clause in a #purchase agreement specifying an action or requirement that must be met for the contract to become legally binding. Both the #buyer and #seller must agree to the terms of each contingency.

What is an example of a contingency in real estate?
For example, a contingency could be that before property will be #sold the seller repairs the leaky pipe before closing. Other Common contingencies in real estate include an #appraisal contingency, #inspection contingency, sale contingency.

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