7 TERMS TO WATCH FOR IN A PURCHACE 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 backs out, 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 or would rather lower the price by that amount.
   
   
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. The contract expiration date - See how long you have to make a decision on the offer.