1. Karen’sKorner

2. Active purchase contract; and Both buyer and seller are obligated.

3. Karen’sKorner Buyer contingency addendum Right of first refusal. The purchase contract has not been activated yet. Buyer and seller will become obligated to perform ONLY after the contingency is met.

4. Karen’sKorner With the financing contingency, appraisal contingency, inspection contingency The contract is ACTIVE; and buyer IS OBLIGATED to work diligently to meet the conditions. BUT… buyer’s obligation to complete the sale is contingent.

5. Karen’sKorner The contract is ACTIVE; and buyer IS OBLIGATED to work diligently to meet the conditions. BUT… buyer’s obligation to complete the sale is contingent.

6. Karen’sKorner When a contract is contingent upon the buyer selling a property, The purchase contract is NOT EVEN ACTIVE until buyer meets the contingency. Buyer not obligated to get accepted offer. Buyer not even obligated to put his home on the market. Buyer not obligated to work diligently to get loan approval.

7. Karen’sKorner Specify “Pending” if… There is an active contract (whether or not there are contingencies to buyers obligation to complete the sale). Specify “Pending Continue to Show” if… Your seller has requested that you continue to show the property; but there is an active contract. Specify “Active with Contingency” when… There is a buyer contingency addendum Change to “Pending” or “Pending continue to show” when the contingency is removed.

8. Karen’sKorner Specify “Active with Contingency” when… There is a buyer contingency addendum

9. Karen’sKorner When you are listing agent and… Require (as a condition of acceptance) proof that the subject property is being actively and reasonably marketed. You receive offer that is contingent upon buyer getting an accepted offer for buyer’s property… You receive offer that is contingent upon buyer’s property closing escrow… Buyer’s agent must provide (as a condition of acceptance) a copy of the purchase contract. It is a good idea to…

10. Karen’sKorner When you are selling agent and… Provide proof that the subject property is being actively and reasonably marketed. You present an offer that is contingent upon buyer getting an accepted offer for buyer’s property… You present an offer that is contingent upon buyer’s property closing escrow… Provide a copy of the purchase contract. It is a good idea to…