They are legally binding, and convenient for everyone.

You don't want the agent to have fat-fingered 4 bedrooms when it's only 3!

The ones I stay away are fat talkative ones.

There is no "clause" that binds you to the home. 

Since the insurance market is the main issue I am having now, I think what I am going to do is just bind the one policy I can get so that we can close.

Unfortunately it was all a big fat lie..

Everything MF here is under contract within 24hrs of hitting the market, and most sellers wont allow even a showing until binding offer!!   

There are many things to consider in this document including local and state laws governing not only this type of contract, but also governing landlord tennant laws as well.You will have to put consideration into the deal for it to be binding (in most states).

I had become too comfortable with using the same subs and didn't have a good person to call when I got caught in a bind.  

I found a 12 unit that I am interested in, but am unsure about running it myself, so I contacted 5 local firms by email, 2 of the big local names included...only one response, and it turns out he's a BP member.Lotsa fat wallets out there...RE must be the place to be, there's so much money coming in that there's no need to answer emails or call anyone back...hmph...