What does contigent mean in realestate?

In real estate, "contingent" refers to a status in which a property sale is dependent on certain conditions being met before the transaction can be finalized. Common contingencies include financing approval, home inspections, or the sale of the buyer's current home. If the conditions are not met, the buyer typically has the right to back out of the contract without penalty. This status helps protect both buyers and sellers during the sale process.