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7 Terms Sellers Should Watch for in a Purchase Contract

1. The closing date: This is the date the buyer takes title to the property.

2. Date of possession: This is the date buyer moves in. The Date of Possession and Closing Date are not necessarily the same day. Often times sellers ask for an extra day or two past the closing day to allow for moving out of the home.

3. The earnest money: A large deposit is usually a good indication of a sincere buyer since it is forfeited if the buyer backs out.

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:  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 specific time limits on contingencies so that they won’t drag on and keep your sale from becoming final.

7. The contract expiration date.: The amount of time you have to accept or decline the offer.

Your Bella Casa Realtor® will walk you through every point of the contract and aggressively pursue your best interest at every point in the contract. Buyers have Realtors® working on their behalf – shouldn’t you?

Further reading: What does an effective Realtor® do for the seller?

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