What happens if the buyer does not complete the terms of the loan on the financing contingency?

If the terms of the financing contingency are not complete or defined in the finance contingency exhibit, the contract could be unenforceable. This would include using “TBD” for the terms. Appellate courts of Georgia have consistently held that such a contract is too vague and indefinite to be enforced. See case below from GA Court of Appeals.
Court of Appeals of Georgia – PARKS v. THOMPSON BUILDERS, INC. (2009)
1. We hold that the trial court did not err here in finding as a matter of law that the contract was unenforceable. The contract did not list the loan amount or the interest rate on the loan. “The appellate courts of Georgia have consistently held that such a contract is too vague and indefinite to be enforced since the failure to specify at what rate the buyer is to obtain a mortgage loan causes a failure of a condition precedent to the enforceability of the contract.”  (Citations omitted.)  Homler v. Malas, 229 Ga.App. 390, 391, 494 S.E.2d 18 (1997).   The same would hold true for the failure to specify the amount of the loan.   See, e.g., Denton v. Hogge, 208 Ga.App. 734, 734-735(2), 431 S.E.2d 728 (1993) (contract too vague where loan not identified and contract states only that “purchaser [is] to apply for assumption of loan”).   The court therefore did not err in granting Thompson Builder’s motion for directed verdict on this ground.
 
In addition to the contract being unenforceable, the licensee could be fined $500 for not including loan terms in a purchase contract. See Rule 520-1-14 Citations 3(b):
(3)
Schedule of Violations and Penalties. Violation of the following rules, regulations, and unfair trade practices may become the basis for the issuance of a citation. While the Commission may determine that circumstances warrant the imposition of a lesser penalty, the monetary penalties prescribed constitute the maximum penalty for a single violation of the cited rule, regulation, or unfair trade practice. In the event of any conflict between the description of a violation in the schedule below and the language in the code section or rule, the language in the code section or rule shall control.
(a)
Failure of a community association manager, salesperson, or associate broker to turn over trust funds to the broker as soon as practicably possible. 43-40-25(b)(23) & 520-1-.08. Fine of $500.00.

 
(b)
Failure of a licensee to include financing terms in a sales contract having a financing contingency. 43-40-25.1. Fine of $500.00.

For more information:
https://rules.sos.ga.gov/GAC/520-1-.14?urlRedirected=yes&data=admin&lookingfor=520-1-.14