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Consumer Reports
for Home Seller
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Seller Services |
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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.
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Date of
possession. See if the date the buyer wants to move
in is reasonable for you.
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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.
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Fixtures
and personal property. Check the list of items that
the buyer expects to remain with the property and be
sure it’s acceptable.
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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.
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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.
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The
contract expiration date. See how long you have to
make a decision on the offer.
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Reports for Home Buyers |
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