First, is your home in SC or CA? The laws of each state dictate how the contracts are written, etc.
As for your question, Robert has this right.
A note to add, if the buyers walk you have paid for the HOA docs and should not have to pay anything else until closing. You can use the HOA docs to give to the next buyer as the current buyer should rightfully return them.
Best of luck,
Mark & Kari Shea
Shea Real Estate