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| 7 Terms to Watch for in
a Purchase Contract |
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- 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.
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