What characterizes a contingent offer in real estate?

A contingent offer in real estate is characterized by relying on certain conditions that must be met for the sale to proceed. This means that the buyer's offer is dependent on specific criteria, such as securing financing, selling their current home, or passing an inspection of the property. If these conditions are not met, the buyer has the right to withdraw their offer or negotiate further based on the findings or circumstances related to those contingencies. This aspect helps protect buyers by allowing them to ensure that their essential needs or requirements are fulfilled before fully committing to the purchase.

In contrast, a purchase proposal made without any conditions signifies a straightforward offer, while proposals that include all closing costs focus on financial aspects without addressing the necessary conditions for closing. A proposal that guarantees acceptance from the seller does not align with the nature of contingent offers, as it assumes acceptance regardless of the stipulations that typically must be satisfied first.