What Does "Contingent" Mean in Real Estate?

Understanding the term "contingent" in real estate is crucial for both buyers and sellers. This article aims to provide a simple and comprehensive explanation of what it means and its significance in real estate transactions.

I. Definition of "Contingent" in Real Estate:

"Contingent" refers to a condition or event that must be met or occur before a real estate transaction can be completed.
It signifies that an offer has been accepted by the seller, but certain conditions need to be fulfilled before the deal can be finalized.

II. Benefits of Understanding "Contingent" in Real Estate:

Clarity in Real Estate Deals:
- By understanding what "contingent" means, buyers and sellers can navigate the process with clarity and transparency.
- Both parties can make informed decisions based on the status of the contingency.
Protection for Buyers:
- Contingencies protect buyers by allowing them to back out of a deal if specific conditions are not met.
- Common contingencies include satisfactory home inspections, obtaining financing, or selling their existing property.
Flexibility for Sellers:
- For sellers, accepting a contingent offer can provide flexibility and potentially

Discover the essential steps to determine whether your apartment is rent stabilized in the United States. Gain insights into the regulations and guidelines that safeguard tenants' rights.

Introduction

Are you a tenant in the United States wondering if your apartment is rent stabilized? Rent stabilization is a crucial aspect of tenant rights, providing protection against exorbitant rent increases and ensuring a stable living environment. In this article, we will guide you through the process of determining whether your apartment falls under the rent stabilization regulations.

Understanding Rent Stabilization

Rent stabilization is a policy that sets limits on how much a landlord can increase the rent each year. It aims to preserve affordable housing options, especially in high-demand areas. Rent-stabilized apartments offer tenants stability, preventing arbitrary rent hikes and promoting long-term tenancy.

Check Local Laws and Regulations

To determine if your apartment is rent stabilized, start by researching the specific laws and regulations in your state and city. Each jurisdiction has its own guidelines, so it's crucial to know the rules that apply to your area. You can find this information on your state or city's official government website or consult with local tenant advocacy groups.

Contact

Table of Contents

Can you put an offer on a house that is contingent?

If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.

Is it better to be contingent or pending?

If a home is listed as pending, all contingencies have been met and the sale is further down the closing path, with most of the paperwork in place — but the transaction has not yet been completed. You are more likely to be successful making an offer on a contingent home than a pending one.

What is difference between pending and contingent?

The difference is that contingent listings still need to meet one or more specific conditions before moving forward. With pending deals, conditions have been met, and both parties are planning to move forward to closing.

How often do contingent offers fall through?

Among contingent offers, less than five percent fall through, according to multiple sources. Broken offers may arise because the buyer isn't able to secure financing or because the seller isn't willing to lower their listing price after a low appraisal.

Why don't sellers like contingent offers?

Contingent offers provide protection to buyers. But there are risks involved, especially for sellers. Because contingent offers require some other event to take place – such as an appraisal of a home for a certain amount or a home inspector giving a residence a passing grade – they can fall through.

how much di real estate agents make — how much do real estate agentsmake

The term “active contingent” can be a confusing one for your buyer clients. Here's what active contingent does (and doesn't) mean in real estate: https://t.co/PBQitMSsik pic.twitter.com/SM4B42t9Ts
— HomeLight (@GoHomeLight) February 25, 2022

How many rent stabilized apartments are there in NYC?

How many New York City apartments are rent-regulated? There are roughly 3,644,000 homes in New York City. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals.

Frequently Asked Questions

Can a landlord refuse to renew a rent stabilized lease NYC?

Under the rent stabilization rules, your landlord must mail you a lease renewal 90 to 150 days prior to the expiration of your current lease. If you do not return the lease within 60 days, the landlord may refuse to renew your lease and could move to evict you after the lease expires.

What is considered rent stabilized NYC?

Rent stabilization generally covers buildings built after 1947 and before 1974, and apartments removed from rent control. It also covers buildings that receive J-51, 421-a and 421-g tax benefits. These tax benefit programs have their own specific rules as to which apartments are covered.

What is the rent stabilized increase for 2023 nyc?

For a two-year lease beginning on or after October 1, 2023, and on or before September 30, 2024: For the first year of the lease: 2.75% For the second year of the lease: 3.20% of the amount lawfully charged in the first year, excluding any increases other than the first-year guideline increase.

How much can a landlord raise rent in NYC not rent stabilized?

no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more. advance written notice. This applies to month-to-month tenants without a lease as well.

How do I find out if a unit is rent stabilized in NYC?

Hear this out loudPauseThe only way to know if your apartment is rent stabilized is to contact NYS Homes and Community Renewal (HCR), the state agency which administers the rent laws. You can use the Ask HCR web portal to find out if your apartment is rent stabilized.

FAQ

Are all New York apartments rent controlled?: Hear this out loudPauseIn New York City, Rent Control tenants are generally in buildings built before February 1, 1947, where the tenant is in continuous occupancy prior to July 1, 1971. Tenants who took occupancy after June 30, 1971, in buildings of six or more units built before January 1, 1974, are generally Rent Stabilized.
How can I check my rental history in NYC?: Hear this out loudPauseTo get your rent history, contact New York State Division of Housing and Community Renewal's (DHCR) Rent Administration office at 718-739-6400 or you can access your rent history by using "Rent Info - Submit a Question".
What determines rent control in NYC?: Hear this out loudPauseIn New York City, rent controlled apartments operate under the Maximum Base Rent (MBR) system. Under this system, the Division of Housing and Community Renewal (DHCR) determines a maximum base rent and a maximum collectible rent for each individual apartment.
How do I know if my property is rent stabilized in NYC?: You can request your rent history to find out if your apartment is rent-regulated, or to prove that it is. To request your rent history, contact the NYS Division of Housing and Community Renewal (HCR)'s Office of Rent Administration by calling 718-739-6400 or emailing [email protected].