During the inspection period a licensed inspector will check the property and will provide you with a report of the findings. If asbestos is found and it wasn't disclose by the Seller,the determination based on the conditions of the contract will be yours in continuing by proceding with the repair or cancelling the contract. If you cancel the contract will be within the stipulated time written in the contract and with the report provided to you by the licensed inspector.
I hope it helps
I assume you are asking about asbestos. It was a material that provided great insulation properties but has been found to cause methoselioma (spelling) which is a disease in the lungs and for which I don't believe a cure has been found.
A home inspector or a licensed contractor should be able to test your home and determine if asbestos is present as well as a plan to remove it. They should wear the "spacesuits" with masks/ventilators so that they don't breath it in.
The most common areas for asbestos that I am aware of are the "cottage cheese" ceilings and on ductwork.