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7 TERMS TO WATCH FOR IN A PURCHASE 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.
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