It's not a formal document, just a simple paper that spells it out and gives them comfort you won't be taking them to court later. 

It's difficult to get all the spelling correct for sure. 

This contingency says that if you cannot obtain financing at a reasonable rate (which would be spelled out in the contract) then the contract will be terminated and you will get your earnest money back.

As to the "all remedies allowed by law".....generally for a buyer to have the rignt of specific performance,  it must specifically be spelled out in the contract.  

@Richard DunlopHumour me (I'm originally from Ireland so I'm allowed to use that spelling). 

 Shiloh Lundahl thank you for spelling that out for me, definitely puts things into perspective!

I have my requirements spelled out like 3x rental income, minimum credit score of 620 and no evictions... but would appreciate any tips on apps or programs or anything you use that works well. 

It will spell it out.  

I had a great teacher "ShawnyMac" Sean McNeil (spellcheck on his correct name spelling)  I learned a lot in those 3 days and yes they do have a coaching and education program called Mastery that truly helps their students learn.  

spell out everything and don't leave things up to question.