Contingent
The seller has accepted an offer, but the deal still depends on conditions like an inspection, appraisal, or loan approval. Some contingent homes still take backup offers.
Also called: active contingent, active under contract, accepting backup offers
Related terms
The seller has accepted an offer and the main conditions are cleared or waived. The sale is waiting to close and usually no longer takes new offers.
A condition in the contract that must be met for the sale to go forward, such as an inspection, loan approval or appraisal. If it fails within the deadline, the buyer can usually cancel and keep the earnest money.
A clause that lets the seller keep marketing the home after accepting a contingent offer. If a better offer comes in, the first buyer gets a short window to remove the contingency or step aside.
A contract term that gives the buyer time to inspect the property and then cancel, ask for repairs or renegotiate based on what is found. Waiving it means accepting the home's condition as is.
A contract term that lets the buyer cancel without losing earnest money if they cannot get the loan described in the contract by a set date.