Which contingency is often included in Purchase Contracts but is not legally required?

A contingency that is often included in Purchase Contracts but is not legally required is typically a home inspection. This contingency allows the buyer to have the property inspected by a professional, giving them the option to negotiate repairs or even withdraw from the contract if significant issues are found. While many buyers choose to include this in their contracts to protect their investments, it is not mandated by law, making it a negotiable part of the real estate purchase agreement.

In contrast, other contingencies like financing approval and appraisal contingency are more standard due to their implications on the buyer's ability to purchase the property. Financing approval ensures that the buyer can secure a loan, while the appraisal contingency protects the buyer's interest in ensuring that the property is valued at or above the purchase price. However, these are often considered essential aspects of many transactions and are more likely to be included to protect both parties involved.