What to Watch for in Your Purchase Contract - Seven Terms

1. When the property Closes - Does the date the buyer wants to close escrow works for you?
2. Possession Date -. When does the buyer want to move into the property? Does this work for you? You may need a couple of days to move.
3. The earnest money. A typical amount locally is 1% of the sales price. A larger deposit may show a buyer is very interested.
4. Repairs. What will the repairs that are requested cost and do you want to have the work done or is it just better to reduce the price by the amount of the repairs.
5. .Personal property, Fixtures -. Check all items the buyer asks to remain with the home purchase.
6. Contingencies. What other terms does the buyer want? Are they requesting inspections, is there a contingency for selling another home, getting a mortgage, attorney review of the contract? You will want to set a limit on time any contingencies.
7. When does the contract expire? how long do you have to reach a decision?.  A typical length of time is 72 hours.