The Inspection Period is the first task to complete during the escrow process, the buyer is responsible for scheduling the inspection and the inspector will be in touch with you shortly for access.
During this time, your buyer can cancel the transaction for virtually any reason while they inspect the property, so it is imperative that you provide reasonable access to the home as well as keep the property in as close to showing condition as you can. Your buyer does need to complete the inspection and request any necessary repairs within 10 days of contract acceptance (or agreed upon per the contract). Typically the inspection is 2-3 hours long and the buyers show up the last 30 minutes to obtain the report. Buyers can attend the entire inspection if preferred. You as the seller are not required to leave, nor required to stay during the inspection, however, it is usually better to be there to answer any questions.
The buyer has a few options; they can reject the property condition and cancel the sale entirely, they can accept the property as-is and request no repairs (this completes the inspection period and they can no longer cancel due to the inspection contingency) or they can request repairs that are important to them to be completed prior to close. They will present those requested items within that inspection period, you then have 5 days to reply with what you’re willing to repair. If you agree to everything, this concludes the inspection period. If you reply to none or only some of the repairs, they now have 5 days to agree to move forward or to cancel the transaction and have the earnest money refunded to the buyer. If the buyer does not make any repair requests within that inspection period, the property is considered to be accepted as-is and the inspection period concludes. Once repairs are complete, it is always a good idea to provide receipts or proof of repairs completed to help ensure a smooth final walkthrough.