Are you in the process of buying a home or maybe you are thinking of selling your home in Lake Havasu City, AZ. You are watching the market in your area? Do you keep seeing the phrase “Active with Contingency”? Have no idea what it means. In our area we are seeing it more and more. In this brief post I will do my best to explain it to you.
Active with Contingency means the house does have a signed legally binding contract on it. However the contract is contingent on (subject to) the buyer’s successfully closing on a home they own before they can purchase this one.
The AAR form is called the Buyer contingency addendum. In this addendum, there are two types of contingency.
As you know there is a whole lot of things that need to happen in the contract time frame. Be sure to read this contingency form completely and make sure you understand it. You can always ask one of our agents at Destination Havasu we are ready to help from start to finish with your real estate needs.