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An inspection contingency is an addendum to a contract that gives buyers the right to have a professional house inspector or other third party examine the property within a certain period of time after the agreement to purchase has been signed.
In some areas of the country, a home inspection is performed after the purchase contract is signed. Sometimes buyers uncover significant defects that can cause a buyer to cancel. Property condition might be covered in your contract as a contingency period. Another contingency might be appraisal or loan.