Contingencies are parts of a contract. Lawyers often refer to them as conditions proceeding, which are things that must occur for the closing to move forward. For instance, the buyer may have an inspection contingency and may have a certain number of days to inspect the property or they don’t like the inspection results and may be able to back out of the contract. Another common contingency is the financing contingency where the buyer has a certain amount of time to obtain financing or they don’t have to follow through and close on the deal. It’s important to consult with an experienced attorney that can tell you, as the seller or the buyer, what contingencies are necessary or which contingencies may not be in your favor that you want to negotiate out of the contract.