Home Buying Terminology - The Contingency

Home Buying Terminology: An A-to-Z review of common terms you'll encounter during the home buying process.

Contingency -- A home buying contingency is a condition that must be met before a purchase agreement / contract becomes binding.

Here are some common examples of contingencies with home buying contracts:

* Contract is contingent on the buyer selling their current home.

* Sale is contingent on the home passing the home inspection.

* Sale is contingent upon a negative test for lead-based paint, radon and mold.

Learn More
About.com has a good page about home buying contingencies.


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Home Buying Terminology - Comparative Market Analysis

Home Buying Terminology: An A-to-Z review of common terms you'll encounter during the home buying process.

The comparitive market analysis (or CMA) is a property evaluation that approximates the market value of a home based on recent sales in the area.

Real estate agents use the CMA to help their clients determine an asking price (for sellers) or an offer amount (for buyers). Basically, the agent compares the size and features of the home in question to the size and feature of recently sold homes in the area.

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