What does contingent mean when buying a home?
What Does Contingent Mean in Real Estate? In real estate, contingent means the current homeowner has accepted an offer from a prospective buyer, and the offer comes with contingencies.Contingencies are conditions that either the buyer or seller or both the buyer and seller must meet for the sale of the home to pull through.
Can you put an offer on a house that is contingent?
The short version answer is, yes, you can. Whether your offer gets accepted or not is dependent on several factors, including some components you can control. Types of Contingencies A contingent offer is made by a buyer to the seller about their purchase offer for the property.
What does contingent stand for?
This is a word that homebuyers and real estate professionals alike should know and understand. Basically, what the word “contingent” or “a contingency” means is that there is a condition that is written into the contract. In order for the contract to be legally binding, the listed condition must be met.
What does contingent mean with regard to real estate?
What does contingent mean in real estate? When a property is marked as contingent, an offer has been accepted by the seller. Contingent deals are still active listings because they are liable to fall out of contract if requested provisions are not met.
What does contingent being mean?
1 : dependent on or conditioned by something else Payment is contingent on fulfillment of certain conditions. a plan contingent on the weather. 2 : likely but not certain to happen : possible.
What is meant by necessary being and contingent being?
The contingent is what happens to exist, but need not have existed: necessary being is being that has to exist, that cannot not exist....
What does contingent in philosophy mean?
In philosophy and logic, contingency is the status of propositions that are neither true under every possible valuation (i.e. tautologies) nor false under every possible valuation (i.e. contradictions). A contingent proposition is neither necessarily true nor necessarily false.
What is the contingency argument for God?
The “Argument from Contingency” examines how every being must be either necessary or contingent. Since not every being can be contingent, it follow that there must be a necessary being upon which all things depend. This being is God.
What does it mean to say that God necessarily exists?
1. To say that there is possibly a God is to say that there is a possible world in which God exists. 2. To say that God necessarily exists is to say that God exists in every possible world.
What does it mean that God is a necessary being?
The notion of necessary being, applied to God and withheld from man, indicates that God and man differ not merely in the characteristics which they possess but more fundamentally, in their modes of being, or in the fact that they exist in different senses of the word 'exist'.
What is contingency in psychology?
A contingency can be either a reinforcement or punishment that occurs after a behavior has been expressed by an individual or group. A naturally existing contingency, in layman's terms, “natural consequence” happens without the manipulation of the behavioral analysts.
What is an example of contingency?
Contingency means something that could happen or come up depending on other occurrences. An example of a contingency is the unexpected need for a bandage on a hike. The definition of a contingency is something that depends on something else in order to happen.
What is contingency Sartre?
Contingency in Sartre is the view that whatever exists, need not exist, and that therefore it can be changed; that the fact that one is born white or black without their choice, has no moral weight at all in treating others as though they are responsible for what they are.
What are the 5 proofs of God's existence?
Thomas Aquinas' Five Ways to Prove the Existence of GodThe First Way: Motion.The Second Way: Efficient Cause.The Third Way: Possibility and Necessity.The Fourth Way: Gradation.The Fifth Way: Design.
What are the three main arguments for the existence of God?
There is certainly no shortage of arguments that purport to establish God's existence, but 'Arguments for the existence of God' focuses on three of the most influential arguments: the cosmological argument, the design argument, and the argument from religious experience.
Who wrote the 5 proofs for the existence of God?
St. Thomas Aquinasthe Five Ways, Latin Quinquae Viae, in the philosophy of religion, the five arguments proposed by St. Thomas Aquinas (1224/25–1274) as demonstrations of the existence of God.
What does necessary mean in philosophy?
necessity, in logic and metaphysics, a modal property of a true proposition whereby it is not possible for the proposition to be false and of a false proposition whereby it is not possible for the proposition to be true.
What is an example of a necessary truth?
A necessary truth is one that could not have been false, one that would have been true no matter how things had turned out. As Leibniz put it, a necessary truth is one that is “true in all possible worlds.” Plausible examples include “17 is prime,” “If Moore is a bachelor, he is unmarried,” and so on.
What are some necessary truths?
A necessary truth is a proposition that could not possibly have been false. This can be expressed by saying that a necessary truth is a proposition that is true in every possible world. An example of a truth that many philosophers take to be necessary in this sense is: 2+2 = 4. Contingent Proposition.
What is a necessary falsehood?
A necessary falsehood is a proposition false in all possible worlds. A contingent truth is a proposition true (in the actual world), but false in at least one possible world. A contingent falsehood is a proposition false in the actual world, but true in at least one possible world.
What is contingent being?
A contingent being is a being which may or may not exist. There is nothing about it which requires that it exist. Sometimes it does exist; sometimes it does not exist. It comes to be and passes away. You and I, for example, are quite aware that we are contingent beings, not necessary beings.
What is the difference between contingent and necessary being?
For what we mean by a necessary being, let me say again, is a being the very nature of which it is to exist. Whereas a contingent being is not a being the very nature of which it is to exist, and so it needs a cause of its being, a cause of its existence . Now that phrase, “cause of existence” is a very important phrase to distinguish in meaning ...
What is a necessary being?
Now what we mean by a necessary being is a being which cannot not exist. A being of which it is impossible for it not to exist. A being whose very nature is to exist so that its existence follows immediately from its nature. To talk about the opposite of a necessary being, I’m going to use the phrase “contingent being.”.
Do parents cause the existence of a child?
A cause of existence must continue to cause existence as long as the thing exists. And so, parents are not the cause of the child’s existence since the child may continue to exist long after the parents do not exist and have ceased to operate as causes.
Does existence follow immediately from what we are?
Existence doesn’t follow immediately from what we are. And all the things around us are like this. When you understand this distinction between necessary and contingent beings, you see one thing at once — that a contingent being needs a cause of its existence at every moment of its existence.
What does contingent mean in real estate?
In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met. So, for example, if a seller offers a certain price and you as the buyer say the price is fine, (provided the home inspection comes back clean), ...
What is a contingency in a mortgage?
Mortgage Contingency. A mortgage contingency gives the buyer a specific period of time to secure financing. The good news is that this is a contingency that can be mostly handled by doing some due diligence. First, you want to make sure that as a buyer you have been preapproved for a mortgage, not just prequalified.
What happens if a seller doesn't make a contingent offer?
With a contingent offer, you have stated that there is a certain condition that must occur before the sale moves forward; if it doesn’t, the contract is void and the seller can move on to another offer received while the sale was contingent.
What is contingency inspection?
The home inspection contingency allows a home inspector to make an assessment of the condition of the home, checking out all the aspects of it that might not be visible to the eye or that a homebuyer might not think about, like grading or flashing. If the inspection reveals serious flaws in the condition of the home, the buyer may back out, or the buyer and seller may negotiate over who will pay for it to be fixed. In other words, even though you might have a home inspection contingency, you don’t have to walk away because there’s an issue with the house. You and the seller might come to an agreement on how to cover the repairs and resolve it.
What is appraisal contingency?
The appraisal contingency comes into play when you’re taking out a mortgage. The seller might be asking for a wild sum and you might be all too happy to pay it, given the values in the neighborhood. But that asking price doesn’t necessarily reflect the value of the home.
What happens when a home is pending?
Once you’re in the pending stage, you’re almost there; most sellers will not continue to show the home while it’s pending, as they are contractually precluded from accepting offers.
Is it risky to add contingencies to a home offer?
But, adding contingencies can be risky, especially in a “hot” market where lots of homebuying activity is taking place. Other buyers might make an offer without a contingency, which can make their offer look more appealing than yours and more likely to be chosen by the seller.
Why do you name a contingent beneficiary?
Naming a contingent beneficiary for a life insurance policy or retirement account helps one’s family avoid unnecessary time and expenses related to probate. Probate is the legal process of distributing a deceased person's assets when there is no will.
How does contingent beneficiary assignment work?
For a contingent beneficiary of a will, virtually any conditions may be in place; it depends entirely on the person drafting the will. A contingent beneficiary will receive nothing if the primary beneficiary accepts an inheritance.
Who is Julia Kagan?
Julia Kagan has written about personal finance for more than 25 years and for Investopedia since 2014. The former editor of Consumer Reports, she is an expert in credit and debt, retirement planning, home ownership, employment issues, and insurance.
