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SELLERS' INFORMATION
7 Terms to
Watch for in a Purchase Contract
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. Establish how long you have to make a decision on the
offer.
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