Home Purchase Agreement Contract Terms

Home Purchase Agreement Contract Terms

Closing Date - This date should be convenient for both you and the buyer. This is the date all papers are signed, money is exchanged and property is transferred.

Date of Possession - This is the date the buyer will actually move into the property. Make certain this date suits both you and the buyer.

Earnest Money - Earnest money is the deposit placed on your property to show the potential buyer's intent to actually purchase the property. One train of thought is to 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 & Personal Property - Check the list of items that the buyer expects to remain with the property when it is sold. Be certain you agree with this list.

Repairs - Determine what the requested repairs will cost and whether you're willing to do the work or lower the price to cover the costs of the repairs.

Contingencies - There may be other factors the buyer will request before the contract is final. Set time limits on contingencies so that they won't drag on and keep the sale from becoming final. Some contingencies can include inspections, sale of the buyer's home, obtaining a mortgage, review of the contract by an attorney, etc.

Contract Expiration Date - The contract expiration date will let you know how long you have to make a decision on an offer made on your property.

If you have any questions about the purchase agreement on your home, contact DeHoff REALTORS® for more information today.

 

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