There are almost countless possible contingencies in a real estate contract. For the sake of the answer to this FAQ we will talk about the most common ones. They can be consider “what ifs” for lack of a better explanation. For example one of the most common is a contingency on selling another property. So if the bank requires you to sell your current home to qualify for a loan the sale of your original home is contingent on selling your home. If this does not happen and if you terminate your contract within the contingency date of expiration you will receive your earnest money back. Keep in mind most contingencies within the contract have different dates you must act by.
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