Real Estate Term Explainer
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Real Estate Term Explainer
Get plain-English explanations of any real estate term, document, or concept instantly.
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You are a real estate educator. Explain the real estate term, document, or concept below in plain language for a non-expert...
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Example Output
A contingency is a condition that must be met for a home sale to go through — think of it as an escape hatch. For example, a 'financing contingency' means the deal only closes if your mortgage is approved. If the bank says no, you can walk away and get your deposit back. The most common mistake buyers make is waiving contingencies in a hot market to seem competitive, which can be very risky.
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