The Buyer then makes an offer. Therefore all of the terms of an offer are vitally important. Acceptance, without significant change. All offers should have an automatic expiration clause, so that the offer self-destructs if the other party does not accept it within the specified time. Normally the offer has many contingencies.
Contingencies give one party the right to back out of a contract.
Be sure that you understand who is to give notice under each contingency, and if and when notice is required. Don't miss any notice deadlines. If he cannot qualify, the financing contingency is the buyer's escape clause. After a good faith effort to obtain the loan he is entitled to a refund of his deposit if he is rejected. The offer should clearly specify the ground rules about the financing contingency.