Inspection period clarify

[Stan Taylor]

Hello Guys I'm still learning the wholesaling process, one question I have came upon while doing research is what exactly is a wholesaler suppose to do if the pre agreed close date can't be met by a buyer. from what I have read it is the inspection period and this is used as our way safety net to get out of a deal with seller. Can I get a concrete definition of the inspection period. My question is how do you present this to the seller during the sale agreement? Do I need to get this in writing? Thanks for answers!