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6 terms to watch for in a purchase contract

1. The closing date. See if the date that the buyer wants to take ownership is reasonable for you.2. The deposit. Look for the largest deposit possible. A large deposit is usually a good indication of a sincere buyer.

3. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it is acceptable.

4. Repairs. Determine what the requested repairs will cost and whether you are willing to do them yourself or lower the price of the home.

5. Contingencies. See what other expectations the buyer has before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final.

6. The contract expiration date. See how long you have to make a decision on the offer.

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