Congratulations to my first time home buyers on finding their forever home!
"My success is measured by your satisfaction!"
Tonya Lurz, Agent for Douglas Realty, LLC
Now is the time to Spring into action! Contact Tonya Lurz at 410-905-4353 to schedule an appointment if you
are interested in buying or selling your home. Click on the links below to get more information!
Now is the time to buy or sell your home!
Topic: CNTG/No KO and CNTG/KO
CNTG/No KO: is a simplified for of Contingent with No Kick-Out, which means that ther IS a ratified contract on a home and there are contengencies in place that prevent it from being classified as a Contract at this time. There are many contengencies that can be put into a contract and that would place a contract into the category of Contingent with No Kick-Out, such as Home Inspection Contingency, Appraisal Contingency, Financing Contingency, etc... Once all of the contingencies are satisfied and removed, then the status would become Contract.
CNTG/KO: is a simplified form of Contingent with a Kick-Out. Contingent with a Kick-Out differs from a Contingent with No Kick-Out in the fact that there is at least one Contingency in place that makes the current contract eligible to be "Kicked-Out" of its contract status. Take for example, a buyer writes an offer that has contingency that they must sell their home in order to close on the property that the offer is writtenon, the seller accepts all of the terms and the offer becomes a ratified contract, then this contract is classified as Contingent with a Kick-Out. While this contingencyis still in effect with the current contract, other offers may be placed on this home, this is where the term 'Kick-Out' comes in to play.
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