Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Contingent vs. Pending is a crucial point of contention in real estate transactions. The definition of a contingent property is one where the seller has agreed to sell the property although there are some contingencies or provisions that have to be met. Pending properties are those where all contingencies have already been met or waived. They are no longer active listings in the property market, and are awaiting completion.
Some of the contingencies in this case involve things like financial contingencies, i.e. buyers getting mortgages/loans, appraisal contingencies (tied to valuation), inspection and evaluation contingencies, and more. There could be contingencies related to the title and other aspects as well. Both types of transactions are observed throughout the real estate sector.
