A home where a potential buyer made an offer and signed the
Purchase and Sale Agreement
The official document received after mutual acceptance on an offer stating the final sale price and all terms of the agreement.
, but a successful closing is still contingent upon conducting a
home inspection
A thorough investigation of a home by a licensed inspector to discover any issues or repairs that need to be made before buying the home.
and negotiating with the sellers over any repairs or concessions before the inspection
contingency
Conditions included with an offer on a home that must be fulfilled before the deal can close. If a buyer or seller is unable to satisfy a contingency, then the offer on a home may become void.
period expires.
