- The Contract of Sale is contingent upon the Buyer’s property, which is on the market but not presently under contract, being sold and closed. In other words, the Buyer’s property is on the market for sale, but the Buyer has not entered into a Contract for the Sale of the Buyer’s property.
- Contingent may also be used for a short sale, where an offer has been accepted by the seller and has been submitted to the seller’s lender for approval. The “Short Sale” field must be marked “Y” or “Yes”. Upon the Seller’s lender approval of the contract the Listing Participant shall have 3 business days to change to Pending. The listing broker can place the listing in either the “Contingent” or “Pending” category. If the listing is placed in the “Contingent” category, the listing will remain with the active listings until the contingency is removed or until the listing expires, in which event it shall default to “Pending.”
MLS Technology, Inc. Rules & Regulations (9/22/05) (Amended 7/30/09)