What characterizes a contingent offer in real estate?

A contingent offer in real estate is fundamentally characterized by its dependency on specific conditions that must be satisfied for the transaction to proceed. This often includes clauses like securing financing, selling a current home, or conducting satisfactory inspections. If these conditions are not met, the buyer typically retains the right to withdraw from the agreement without penalties, thus highlighting the nature of a contingent offer as a conditional agreement.

In contrast, other options do not accurately describe a contingent offer. For instance, a final and non-negotiable sales proposal does not allow for modifications based on conditions, making it significantly different from a contingent offer. Similarly, an offer that can be revoked at any time lacks the structured conditions that define contingent agreements. Lastly, offering a price above market value does not inherently involve any conditions; it simply relates to the financial aspect and valuation of the property. Therefore, the defining characteristic of a contingent offer is indeed its reliance on certain conditions being met before the sale can be finalized.