Education for Buyers

What is in a Sales Contract?

Your signed offer to purchase is the document you draft which presents your price and terms to the seller. This purchase offer must be complete because when the seller signs it, the document becomes the binding "sales contract" which contains the conditions of the sale. If you forget something in the offer, you can't add it to your sales contract later.

The following are typical matters you and the seller may negotiate and agree on:

• What items convey with the home (appliances, curtains, etc.)
• The sales price
• The amount of your deposit
• The amount of your down payment and/or the amount of mortgage loan you intend to obtain
• The date, time, and place of settlement
• The date of occupancy of the home
• Any contingencies which must be met before settlement can take place, such as improvements, termite inspections, home inspections, proof of clear title to the home, your ability to obtain a specified mortgage loan within a specified time, etc.
• Your signature and that of the seller

NOTE: You can always withdraw an offer until the seller has signed it.

Next: What Can I Expect from a Professional Home Inspection?