What exactly does "under contract contingent" mean in real estate?

When a house for sale is listed as "under contract" and it says "contingency" next to it, what exactly does that mean? I think it means the sale depends on the potential buyer selling their property first. Is that right? Can a potential buyer who also has sold their home on... show more When a house for sale is listed as "under contract" and it says "contingency" next to it, what exactly does that mean? I think it means the sale depends on the potential buyer selling their property first. Is that right? Can a potential buyer who also has sold their home on "contingency" buy another home on "contingency?" I live in Illinois, BTW. Thanks!

Thanks!
Update: Wouldn't advertising that your house is under contract when it's a contingent offer scare off other potential buyers?
Update 2: Do you have to put any money down when you "buy" a property on contingency?
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