A question I get frequently is ‘What is CTG’ in regards to a real estate contract.
You may have noticed listings that have a status of ’CTG or‘CNTG these statuses signify that a contract with contingencies (that’s the CTG part) has been accepted on the property.
A contingency can be any number of things. Some common ones are:
- home inspection
- condo doc review
- appraisal
- financing
If the contingency is not met, the Boston condo buyer has the option to back out of the contract. These are all considered contingencies because the buyer has the option to get out of the contract. The buyer is the one in control with these contingencies.
Another example of contingent contract is one in which the buyer needs to sell their home first and the contract is contingent upon that.
Seller’s don’t like to accept this kind of contingency because when the buyer’s home doesn’t sell, the contract will fall apart.
However, the contingency clause allows the seller to continue to market the home and if they get a better offer.
So, when you are home shopping and you see a listing with the status of ‘CNTG/CTG’, this Boston luxury condos is still technically available.
Now, once the buyer gets their home under contract, the contingency can be removed and they don’t have to worry about another buyer coming along taking their home.