A contingency is a condition in a purchase contract that lets the buyer or seller cancel the deal, usually with the earnest money returned, if the condition is not met. Common ones cover the home inspection, the buyer's financing, the appraisal, and a clear title. A contract with fewer contingencies is harder to walk away from once it is signed.
Why it matters
The contingencies in your contract are the ways a buyer can back out, so fewer of them means a firmer deal.