|
|
 |
7 TERMS TO WATCH FOR IN A PURCHACE CONTRACT
- The 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.
- 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.
- 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.
- The contract expiration date - See how long you have to make a decision on the offer.
|
|
|