This will vary from state to state. Some states it may be the buyers inspection period, some a lender contingency, some you have an out in the contract, some the out is thin, some the out either barely exists. It could be the contingency of the buyer or seller needing to sell another property. Do you have a Realtor? I would say you definitely need input from a local licensed professional. It's a very important question and your knowlege and understanding of any contingencies in your contract is critical.