Hi Scott,
Contracts will have a spot for the agent to put the 'subject to' clauses. Ask the agent to point out the clause to you, and if you are unsure, remember that you have the right to take the filled out contract away with you to read at your leisure, or to a solicitor for some legal assistance.
The things I would always be aware of when signing a contract "Subject to finance" are:
That the words "To the purchasers approval" are put in, for instance, where it says Financial institution, and the agent writes "any"... you are leaving yourself open to possible interpretation, and the agent could come back and say, well, you haven't applied to Dangerous Bill's Shark Loans yet... and technically you would be obliged to take a loan from Bill, even if it didn't suit you, because it complies with the contract agreements.
So, make sure it says:
Financial institution: Any to the purchasers approval.
AND
If you are in Victoria make sure that you pay the deposit by the due date. (I am not yet sure about the legislation in other states, but it would be prudent to check whether this applies to you too!)
There is a little clause in the Standard clauses which says that if you are IN DEFAULT UNDER ANY CONDITION OF THE CONTRACT YOU MAY NOT EXCERSISE YOUR RIGHT TO TERMINATE UNDER THE FINANCE CLAUSE!!!!!
This means that, if your deposit is due the day before the finance clause runs out, and you haven't paid it because the finance was looking shaky and then you try to back out under the finance clause they have the right not to let you. It's an AR*E of a clause, but it's there, and be aware of it. Most agents aren't aware of it either, I have posted on this before, but it bears repeating. (Sorry to those who have heard it before...).
anyway, I hope that adequately answers your question, if not, please don't hesitate to ask more, or ask for clarification!
PS: usual disclaimers apply, I am not a solicitor.
asy