A sales contingency specifies that the buyer must sell and close on his/her home before the contract is valid. Make sure that if you accept this contingency it has 2 further provisions:.
A kick out clause that allows you to continue to market your home.
Should you receive a second acceptable offer, the 'kick out clause' allows you to invalidate the first contract and accept another if the original buyers can't go forward with the contract. The buyers on the original contract have a right of first refusal which gives them the option within a specified amount of time (usually 48 to 72 hours) to remove their contingency and go forward with the contract or withdraw. If they are unable to perform, the original contract will collapse and you'll be free to accept the new offer.
As a seller, make sure the purchase contract includes time limits on satisfying and removing any and all contingencies. Remember that while your home is "pending" and the buyer works through the contingencies, your home is "off the market" (although you may accept back-up offers). Therefore, you want the "contingency period" to be as short as possible.
The buyer will probably ask for the purchase contract to include certain standard seller responsibilities that could also be categorized as contingencies:
Granting contingencies also depends upon what kind of price you want to get and on the condition of your property. Remember, contingencies are written into the contract and are negotiable during the negotiation phase only.