Understanding Contingencies
What buyer contingencies mean and how your broker guides you through them.
⚠️ Contingency decisions involve legally binding contract terms. All contingency responses are handled by your assigned licensed broker. OnMLS does not provide legal or real estate advice on contingencies.
Contingencies are conditions that must be met for the sale to proceed. Common contingencies include inspection, financing (mortgage approval), and appraisal.
An inspection contingency allows the buyer to have the home inspected and request repairs or a price reduction. Your licensed broker advises you on repair requests and communicates your response to the buyer's agent on your behalf.
A financing contingency protects the buyer if their mortgage falls through. If the buyer can't secure financing, they can exit the contract and recover their earnest money.
An appraisal contingency protects the buyer if the home appraises for less than the purchase price. Your broker will walk you through your options if this occurs. Contact your assigned broker directly for guidance on any contingency.
Brokerage services provided by your assigned licensed broker, a licensed brokerage. OnMLS is a technology platform that facilitates MLS listings through our licensed brokerage partner. Buyer-agent commission is separate, optional, and negotiable.
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