Definition of Contingent Offer:

Making a Contingent Offer in Orange County, California:

 

A Contingent Offer is a Purchase Agreement that has been executed for a listing, but completion of certain acts or events must take place before the agreement is binding. Contingencies may include any of the following:

Sale of buyer's property – This would be stated in the purchase agreement in Contingency.

Release of liens – This would be taken care of by the; Title Company, Escrow Company and Mortgage Banker/Mortgage Broker.

Court approval – This might be if a person is involved in a bankruptcy or divorce proceedings – usually there are lawyers involved that assist in the matter.

Inspections – Handled by a third-party independent contractor – usually buyer’s choice.

Buyer financing: For sales in Orange County, an offer to purchase should be accompanied with a loan or mortgage preapproval letter.

 

http://www.investopedia.com/terms/t/titlesearch.asp

http://www.investopedia.com/terms/e/escrow.asp

http://www.investopedia.com/terms/m/mortgagebanker.asp

http://www.investopedia.com/terms/m/mortgagebroker.asp

https://helpouts.google.com/108717776261566973406/ls/975749e543d20906

http://www.realtor.com/home-finance/buyers-basics/dont-forget-your-pre-approval-letter.aspx?source=web

 

 

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