Contingency
Also called: contingencies, conditions precedent, subject to
A contingency is a condition that must be satisfied for a purchase to proceed — financing approval, a satisfactory inspection, an appraisal at price, the sale of your current home. Each one is an exit that protects your deposit. In competitive markets buyers waive them to strengthen offers, which converts a conditional commitment into an unconditional one and puts real money behind an unverified assumption.