What is a common liability of the buyer in a purchase contract?

In a purchase contract, the provision of earnest money is a common liability of the buyer. Earnest money is a deposit made by the buyer to demonstrate their serious intent to purchase the property. It serves as a good faith gesture that reassures the seller that the buyer is committed to the transaction. This money is typically held in escrow and can be applied toward the purchase price at closing.

The expectation of earnest money is a standard practice in real estate transactions, as it helps to protect the seller's interests while also providing the buyer with a level of assurance that they are acting in good faith. The amount can vary, but it typically ranges from 1% to 3% of the purchase price.

While other options could reflect obligations or responsibilities that may be relevant in certain circumstances, earnest money specifically highlights a direct liability that primarily rests with the buyer in the context of initiating a purchase agreement.