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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.

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 to you.  A fixture is an object of personal property that is attached to the land or to a building on the property, and that is considered to be irremovable. Think curtain rods, garage shelving screwed into the wall, light fixtures etc. Maybe you can’t bare to party with your dining room light fixture — don’t forget to note this exclusion in the contract, otherwise it is assumed that all fixtures are included in the purchase. Note: Refrigerators, washers, and dryers are usually not considered fixtures, but rather removable personal property that the seller is entitled to keep. Many times buyers and sellers use the refrigerator as an extra negotiating tool.

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?

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