Terms to Watch for in a Purchase Contract

1. Contract Expiration Date. See how long you have to make a decision on the offer.

2. Date of Possession. Is the date the Buyer wants to move in reasonable for you?

3. Earnest Money. A large deposit is usually a good indication of a sincere buyer.

4. Fixtures and Personal Property. Check the list of items that the buyer expects to remain with the property.

5. Required Repairs. Before or after a Property Inspection the Buyer might want something fixed. You can either fix it, or sometimes negotiate the price with a mutually acceptable price adjustment. Note: It is less costly, both in repair costs and the time it takes to sell if you repair things prior to listing your home for sale!

6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final.

7. Closing Date. Is the date the Buyer wants to take title reasonable for you?

Seller Information...