A pending sale means that there are no contingencies to meet or that all contingencies have been met...all there is left to do is wait for the scheduled close date and finalize the sale.
Pending significa que hay un contrato firmado por ambos lados, esto significa que todos estan estan en acuerdo.
Contingent significa que aunque estan de acuerdo en un signumero de partes en la oferta, aun queda una o dos cosas por cumplirse para que haya una aceptacion total. Por ejemplo, haceptamos este precio "pero solo si la casa aprecia por la cantidad" o "haceptamos comprar pero solo si el banco nos presta a este porciento" o "compramos si la inspeccion no revela algun dano grande", etc. En otras palabras los "contingencies" estan hay para proteger condiciones especificas dentro del contrato. Espero esto fuera de ayuda.
Charles Rutenberg Realty.
Dictionary.com defines contingent as "dependent on something not yet certain." In the terms of a real estate contract that "something not yet certain" could be the buyers home inspection contingency, financing, or something that you will see in the purchase of a condo - the 3 days the buyer gets to review the condominium documents and financials. If, during the contingency period which is set forth in the contract, the buyer doesn't clear one of the contingencies (ex. is unable to get the financing or property does not pass inspection.), then the contract does not continue. If the contract is "pending" that means that the buyer has gotten through their contingency items and the parties are simply finalizing the paperwork, etc, to close.
I you need any more help with any real estate terms or practices, please don't hesitate to let me know. Karen Peil
The answers below are all correct, but please see the link below with additional information on the differences between contingent and pending sale:
Please let me know if you have any further quesitons,
Brad Barfield REALTOR®
Watson Realty Corp.
This is such a great question. I find myself explaining this to our buyers regularly. Contingent is actually considered an ACTIVE listing. It is under contract that is, signed by the buyer and seller, however there are contingencies to be removed to make it a pending contract. Contingency examples include...home inspection...waiting for the appraisal...bank approval for the buyer...in a short sale, bank approval for the seller. So it is not off market.
A pending means that both parties have signed the contract and they are going to closing. They have a closing date and there are NO CONTINGENCIES...there is a "Meeting of the Minds"
Hope this helps!
Debbie Albert, PA
Keller Williams Realty