Understanding Contingency Situations

A contingency is a provision in a real estate contract that specifies the contract would cease to exist upon the occurrence of a certain event. “I’ll buy yours if mine sells first.” Contingencies are confusing. What do the forms mean, and which ones do you use for what, and when? Agent will get answers to some of the most common contingency questions. What power does the seller have to move on? What rights do the purchasers have? How to convey a true MLS status and how to bump a contingency out of the way?