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.