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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.
The point of the contingency is to protect you from purchasing a home that may have serious structural problems or material defects that arenât plainly visible. If you have a home inspection contingency in your contract and find something terribly wrong with the home, you can walk away from the deal.