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7 Terms to Watch for in a Purchase Contract

Closing Date

• See if the date the buyer wants to take title is reasonable for you.

Date of Possession

• See if the date the buyer wants to move in is reasonable for you.

Earnest Money

• Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer.

Fixtures and Personal Property

• Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable.

Repairs

• Determine what the requested repairs will cost and whether you're willing to do the work or would rather lower the price by that amount.

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.
• Trash left behind can emanate smells.

Contract Expiration Date

• See how long you have to make a decision on the offer.

Reprinted from REALTOR^® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS^® Copyright 2005. All rights reserved.

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