Your purchase contract is just the first step in the process of selling your home to a buyer. Here is a quick list of a few items to look out for. I have also created a Podcast on this subject that you might find useful. You can listen to it here .
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.
