Contingency
January 28, 2023
Once an offer is accepted, the listing status should change to Pending OR a contingency must be added to listings in Active or TNAS status within 24 hours.
The contingency options are:
- Application Received (Rentals) (Minnesota Only)
- Inspection (Minnesota Only)
- Subject to Statutory Rescission (Minnesota Only)
- Subject to Financing (Minnesota Only)
- Sale of Another Property (Minnesota Only)
- Third Party Approval (Minnesota Only)
- Bump Clause (Wisconsin listings only)
- No Bump Clause (Wisconsin listings only)
- Other (Wisconsin and Minnesota)
- None (Minnesota Only)
If the contingency is added to an Active listing, the property must remain available for showing. If the status is changed to TNAS because the seller no longer allows showings, the contingency field must still be updated.
If a purchase agreement is in dispute and there is not a fully executed cancellation, the status must show the contingency of OTHER until the dispute is resolved and the cancellation has been fully signed.
The full contingency policy can be found HERE. Section 4.9 Contingent Sales
