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Contract of Sale
What exactly is involved in a real estate contract? Here's a breakdown
of what most contain, although the exact structure might vary based
on your location.
What:
A legal description of the property as well as the street address.
How much: The selling price.
Mortgage contingency: Subject to obtaining a mortgage
(if applicable) and the specifics of the mortgage--amount, rate
and term. Application to be made in X number of days.
Deposit: How much money accompanies the contract
and who will hold it.
Closing: When and where.
Inclusions and exclusions: What is and is not included
in the sale of the property.
Home inspection: Contingency for and to be done
in X number of days.
Warranties: Any that are included with the house
and description of the warranty.
Condominium: If the property is a condo, other
provisions will apply.
Well and Septic: If applicable, they must be tested
(and pass).
Termite and Pest inspection: Who will pay and if
there is infestation or damage, who will repair.
Possession Date: When the buyers take possession
of the house--before, at or after closing.
Acceptance: How long the sellers have to respond
to the offer with either acceptance or a counter-offer.
Arbitration: Any provisions for arbitration of
disputes.
Insurance: Whose insurance covers the property
up until the closing date.
Property Disclosures: Notices of any property disclosures
concerning the house.
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