What does contingent mean

Time Traveler for contingent The first known use of contingent was in the 14th century See more words from the same century. Style: MLA. Kids Definition of contingent. Legal Definition of contingent. Get Word of the Day daily email! Test Your Vocabulary. Test your vocabulary with our question quiz! Love words? Need even more definitions? Homophones, Homographs, and Homonyms The same, but different.

Merriam-Webster's Words of the Week - Nov. Once a contract is accepted both buyer and seller have contractual obligations to live up to and only the buyer may back out at that point. The seller does not have the ability to accept another offer. However, it still does happen where a deal falls through. Most buyers will receive a mortgage preapproval from a mortgage lender prior to submitting their offer which helps them understand whether or not they can qualify for a mortgage prior to making the offer on the home.

This preapproval letter doesn't mean the information the buyer provided is totally accurate and often times the mortgage contingency will be a reason a buyer is forced to walk away from a home.

If the buyer lies about their assets, their income, or whether or not they have paid the prior year's taxes the preapproval letter might mean nothing. With interest rates so low most folks are able to find ways to qualify for their home purchases, however, when the market turns or interest rates begin to rise , you will see a lot more contingency contracts fall through!

A contingency comes into play when the buyer already has a contract in hand and a closing date on the calendar for their current home. The property does not change to sold status until the closing takes place, so the contingency protects the buyer if the sale happens to fall through for any reason.

This type of contingency does not allow the seller to accept other offers on the property for a certain period because they have contractual obligations. After all, requirements have been met as defined by both buyer and seller , and a contract is executed, the listing status changes from an active listing to pending status.

Most contingent listings will allow other buyers to place offers on the home. This is because contingent deals are still technically active listings and can fall out of the contract if the buyer does not meet the requested provisions. However, there is a chance that the seller will not be able to sell their house. If the seller receives a second offer while the home is under contingent status, the seller will reach out to the initial prospective buyer and give the buyer a certain amount of time to remove the contingency - typically 24 to 48 hours.

If they are unable to purchase the home until their current house sells or are unable to meet any other contingency they have in place , the seller can move forward with the second buyer.

If you are a buyer and come across a contingent listing you like, speak with your real estate agent about placing an offer on the home. If the seller likes your offer, the initial prospective buyer will be forced to move forward with purchasing the home without the contingencies in place or can free up the home and allow you to buy it.

A home that is in contingent status is still technically active, meaning the seller can receive other offers. This was to some degree contingent upon retailer safety precautions. The main Crusader contingent , however, was able to take advantage of transport ships that sailed directly from Europe to Palestine.

Former Texas governor Ann Richards was a big fan of the Texas Rangers, a contingent of which was her protective detail.

Counter-protestors marched to confront the pro-police contingent , separated by barricades and uniformed officers. In Cuba provided the largest contingent of medical staff during the aftermath of the huge earthquake that shook Haiti. You can also find related words, phrases, and synonyms in the topics: Groups of people. Outdoor activities are, as ever , contingent on the weather.

Our success is contingent upon your support. Being based on or depending on something. The conservative contingent walked out of the convention when their plan was rejected. Buying the new house was contingent on selling the old one. Examples of contingent. First, one might hold that pairs of corresponding ' will ' and ' will-not ' propositions about future contingents are neither true nor false. From the Cambridge English Corpus.

Thus, ' will ' and ' will-not ' propositions about future contingents are said to be neither true nor false. In so doing, the supervaluationist approach undermines the assumption that ' will ' and 'will not ' are contradictories, which in turn undermines the motivation for denying bivalence for future contingents.

Although the percentage of right parties has no statistically significant influence for changes in total spending, legislatures with larger right-wing contingents are more likely to increase old-age pension expenditures. Identifying the ethnic groups under study occasioned a silly sense of obligation to note that the selection ' does not signify the denial of the relevance of other contingents ' p. However, the days when it was the primary scientific institution have passed, because the scientific research contingents of other institutions have caught up in quality and quantity.

Within a matter of days, not weeks, there were contingents, numbering several thousand, from many different countries.

From the Hansard archive.