Does your contract have any clauses? Normally, when I purchase a house the main clause I put into the contract states that the sale is pending on the inspection. So, if the clause is in the contract you are ok. If not, then you might want to see an attorney. Alot of times you can ask for an attorney at a title company to help you, for free.

This is ot legal advice. You may want to contact a real estate attorney.