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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 most common contingencies on a sales contract include: 1  Inspection contingency â Buyers can look at the house as much as they want, but there are things they can easily overlook. 2  Financing contingency â Even buyers with a preapproval often add a financing contingency to the sales contract.