US
Contingent offer
A contingent offer is a US offer that only becomes a firm purchase if stated conditions are met, such as inspection, financing, appraisal, or the sale of the buyer’s current home.
Also called Contingency.
Deadlines
Each contingency has a date. Missing it can waive the protection or allow the other side to cancel, depending on the contract. The agent diaries the dates. The attorney or the form says what the deadline does. Do not tell a buyer they can “just walk away” without reading the clause.
British equivalent, roughly
An English offer is usually subject to contract and survey and mortgage until exchange, without those protections being written as US-style contingencies. Do not add American contingency language to an English memorandum.
Questions
What does Contingent offer mean?
A contingent offer is a US offer that only becomes a firm purchase if stated conditions are met, such as inspection, financing, appraisal, or the sale of the buyer’s current home.
General information for agency staff, not legal advice. Rules and local practice change. Check the official source before you rely on a definition in a client letter.