Put a contract with a contingency on it is a no brainer..

I think you mean contingencies like financing or inspection.

Originally we submitted our offer we had no contingencies, but now I'm thinking we should do a mold inspection with our next offer.

I've heard of the 30 day inspection period, contingent on loan approval, etc.What's the best and most held up clause out there?

You'll need a offer contract as well with a contingency clause based on inspection/financing etc.

I would recommend putting contingencies in your purchase contract that protect you such as "subject to property be free of all liens/encumbrances/etc." meaning that clear title can be passed.Using a good house inspector will also help you avoid problems that you would otherwise not see when you go through the house yourself.Getting education and having a mentor will greatly reduce your risk as well since they will be able to let you know what mistakes they had made!

Haven't heard of insurance to deal with the lawsuit, but if your contract allows for a lawsuit, and it looks like the buyer has recoverable assets, you should be able to find a lawyer to take the case on contingency.

If that is the case, then a very simple solution is to write in a contingency that earnest money (good faith, or whatever else you want to call it) will be deposited within 24 hours of an accepted contract.Make sense?

Both contracts have a mortgage contingency and a "Subject to my attorney's approval" written in them.

While writing up your contract, just make sure you include any contingencies like inspections etc.