Legal Question in Real Estate Law in California

Most real estate contracts have what are called "contingencies." The most common are financing and inspections that give the buyer a certain amount of time to secure financing and to inspect and approve the condition of the property, respectively. The amount of time for each contingency to be removed is set forth in the contract. If the buyer fails to remove the contingency on time, there is usually a provision for the seller to demand the buyer withdraw the contingency or cancel the contract, or the seller can cancel the contract.