What should buyers include in their purchase offer to avoid commitment if they cannot secure financing?

Including a contingency in a purchase offer is essential for buyers who are concerned about securing financing. A contingency allows buyers to make their offer contingent upon specific conditions being met—in this case, the ability to obtain financing. If the buyer is unable to secure the necessary funding by a certain date, the contingency allows them to withdraw from the agreement without facing legal repercussions. This protects the buyer's interests and provides them with a way out if their financial situation changes or if lending terms become unfavorable.

While other options present valid concepts, they do not address the specific concern of finance commitment as effectively as a contingency does. For instance, an escape clause typically deals with the seller's rights to terminate the contract under certain conditions rather than focusing on the buyer's financing issues. A walk-through agreement relates more to the inspection process before closing and does not impact financing. The provision for liquidated damages usually pertains to penalties or fees incurred due to a breach of contract, which is not relevant to avoiding commitment based on securing financing. So, for buyers wanting to maintain flexibility in their purchase offer in light of financing challenges, including a contingency is the most appropriate course of action.