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What is a contingency?

Contingency
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What is a contingency?

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Any offer you receive will probably contain some buyer escape clauses known as contingencies. A contingency gives buyers the right to pull out of the deal if some specific future event, such as getting a mortgage, fails to materialize.

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A contingency is a provision included in a sales contract stating that certain events must occur or certain conditions must be met before the contract is valid.

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