In a real estate transaction, a home inspection contingency is one of the terms of the written agreement that is negotiated on behalf of the buyer providing them the opportunity to inspect a property to their satisfaction. This means a homebuyer can cancel the sale and/or try to negotiate repairs based on the results of a home inspection within a specific time frame.
For more information on the home inspection contingency visit: http://www.homebuyinginstitute.com/mortgage/home-inspection-contingencies-for-buyers/