The purchaser's right to terminate the contract in the event the improvements are damaged before closing is known as a "free look."

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The term "free look" typically refers to a period after a contract is signed when a party can cancel without penalty, often used in insurance policies. The right to terminate a contract due to damage before closing is usually specified in the contract terms themselves, not referred to as a "free look."

The Purchaser's Right to Terminate the Contract in the Event