What does contingent (CTG) mean on the multiple listing service?
We realize not all buyers or sellers may know the different real estate multiple listing service sales codes, so to speak and that is why we go over this with our buyer clients. Active (ACTV, currently available, on the market), pending (PEND) ready to close, closed (CLSD) sale has closed, sold, temporary no show showing (TEMP) or contingent (CTG) aka a contingency has to be met in order to close.
There are different types of contingencies. The most common in the Chicago area real estate market (and the suburban areas in which we work, like Plainfield, Romeoville, Naperville, Lemont, Homer Glen, Lockport, Orland Park, Tinley Park, New Lenox and the surrounding areas) is contingent on attorney review and inspection, otherwise known as CTG A/I. That means that the buyer’s purchase can be contingent on (or dependent) on whether the attorneys (seller and buyer representation) agree on the contract terms and the buyer can have a property inspection. If there are repairs or items on the inspection (report) that the buyer does not agree to or the seller does not want to negotiate on, then the buyer is free to cancel the contract with no penalty (the earnest money then can be returned the buyer.)
A buyer can also be contingent on financing CTG FIN, if taking out a loan. Usually, in our market, even if a buyer is taking out a loan, but is contingent on attorney review and an inspection, it will still read CTG A/I.
Another, although not as common contingency is a house to close HC or a house to sell HS contingency. A house to close contingency means that the buyer has a home to close before buying the property. The difference between house to close and house to sell is a house to close the buyer already has a buyer/accepted contract on the current home, whereas a house to sell contingency could mean that the home is not yet listed or there is not a buyer/accepted contract yet.
CTG SS is contingent on a short sale. CTGO means other contingency and CTGA means contingent on auction.
Some people ask if you can view, or show, a property that is contingent. That depends on the sellers and the contract terms. Some sellers figure they will continue to show the property in case the current deal doesn’t go through so there may be a possible back up offer. In some cases, the current contract is strong (good price, closing date, etc.) and the sellers prefer not to continue to show. In many cases, if a home is contingent and the seller wants to continue to show his or her property, an Agent will note that on the listing. That is often the case with a HS contingency.
There are a lot of moving parts in real estate transactions – whether you are the buyer or the seller. Who you work with makes all the difference and our track record speaks volumes. The Glockler Group Real Estate, with #1 Coldwell Banker, has been successfully working with suburban Chicago home buyers and sellers for four decades. Experience is key and you need a knowledgable professional to help you along the way. Thinking of buying or selling? Call us today. (708) 529-5839