@Andy Cross Yes it does, but it could be a probate (typically ask for 10% of purchase price as EMD, but sometimes negotiable). It also depends on the purchase price though. It doesn't seem like @Kaivan Entezarmahdi is involved in the actual transaction, but if his friend is stating he's going to make 100k on the assignment, this might be a high end purchase.
Also, in general, there are a lot of different ways "to drag it out." The most important thing, as @Kaivan Entezarmahdi mentioned, is not signing a "contingency removal" (C.A.R. From CR). That form is the "do not sign until you are 100% committed to the deal" form. Even if you offer with 0 days inspection, you still have to sign the CR to officially go non-refundable, and you can still probably get that back. Other than that, you are completely protected. All you need to worry about is the delay it takes for your check to get mailed from the escrow office to your home if the deal cancels.
@Fay Chen on the C.A.R. Extension there is a section for extending your contingency period. Even if you don't get the extension signed and you run into the end of your contingency period, your money wouldn't be gone until you signed the CR.
