TLDR: Contingencies are the hurdles you have to overcome to get to closing.

You can think of each contingency as a hurdle in an obstacle course to get to closing. Because the timeline for each contingency will be ticking concurrently, it's important to keep track of all due dates. Missing a deadline is the primary reason for contracts to fall through in direct buyer-seller transactions.

Contingencies Overview

As a recap, here’s a quick description of some common contingencies:

Fun Fact

While the HOA and Condo clauses of the contract are technically disclosures, they function in much the same way as a contingency since you’re legally permitted to excuse yourself from the sale within a certain timeframe.