I am thinking about what it correct in the sentence above:
...it's there a possibility or ...there is a possibility.
The original version sound a bit unnatural for me. Please, help me.
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"It's" is a contraction of "It is". It is there a possibility is a grammatical nonsense.
There is a possibility is a statement of fact; a possibility exists.
"Is there a possibility" would be a question.
But it's good to know there is a possibility.
The statement of direct dependency: if there is a possibility, knowing that it is, is good. Knowing there is no possibility is probably bad; so is not knowing.
"But it's good to know: is there a possibility?"
"But it's good to know whether there is a possibility."
In this case knowing is the good thing. It's good to know there is possibility, and it's good to know there's no possibility. It's only bad not to know either way.
And then there's one more viable form:
"But it's good to know it's a possibility."
"But it's good to know it's a possibility there."
Statement of fact: [something] is possible [optionally: somewhere, in some context] and knowing this fact is a good thing.
"But it's good to know if it's a possibility [there]."
It's not known whether something is possible or not, but gaining that knowledge is valuable.