Resources > Glossary > Contingency

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Contingency

Phonetics: con·tin·gen·cy    \kən-'tin-jən(t)-sē\

Function: noun

Definition 1:
A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.