7 Terms to Watch for in a Purchase Contract

1. The closing date. See if the date the buyer wants to take title is
    reasonable for you.

2. Date of possession. See if the date the buyer wants to move in is
    reasonable for you.

3. The earnest money. Look for the largest earnest-money deposit
    possible; since it is forfeited if the buyer backs out, a large deposit is
    usually a good indication of a sincere buyer.

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.

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

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