Real estate & settlement glossary
The terms, and what they mean here
Most definitions online are written for the whole country. These are written for the DMV — because the same word behaves differently in Washington DC, Maryland and Virginia, and the difference is usually the part that matters.
Contingent
A contingent listing has an accepted offer, but the sale still depends on one or more conditions being met — most often the buyer's financing, appraisal, home inspection, or the sale of their current home.
Tenancy
Tenancy describes how two or more people hold title together — and it determines what happens to a share when one owner dies, and whether a creditor of one owner can reach the property.
These pages explain how transactions customarily work in Washington, DC, Maryland and Virginia. They are general information, not legal or tax advice. For advice on your situation, speak with an attorney or tax professional.