7 Terms to Watch for in A Purchase Contract

1. The closing date. See if the date the buyer wants to take title is reasonable for you.

2. Date of possession. See if the date the buyer wants to move in is reasonable for you.

3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer fails to oblige the contract, 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 and be sure it’s acceptable.

5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work, lower the price, or offer cash for the repairs.

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

7. The contract expiration date. See how long you have to make a decision on the offer.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply