Contingency  The dependence upon a stated event which must occur before a contract is binding.

The Phillips Team uses computerized tracking systems to accomplish removal of contingencies in a timely manner.

I counsel my clients to carefully consider all aspects of the situation before the contingency is approved as a part of the transaction. Communication and understanding is the key.

The following are some common contingencies:

• Buyer obtaining loan approval
• Home Inspection
• Sale of Buyer's home