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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.
Contingency Defined. Homes are often sold subject to particular contingencies. A contingency is a condition that must be satisfied before a partyâs duty to perform his side of the contract arises. Often, a buyer will make an offer to purchase a house contingent upon the sale of his property. This means that the buyer does not have to purchase the property until he has sold his own property first.