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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.