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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.
Home / Buyers Inspection Period. The inspection period is a negotiated time frame in which buyers have the opportunity to conduct their due-diligence on the property. The purpose is to give the buyers a âfree look,â so to speak. If the buyers donât like what they see, they can re-negotiate the terms of the contract, or cancel the contract altogether and have their earnest money returned without penalty. Length of the Inspection Period.