CHARLOTTESVILLE REAL ESTATE & HOUSES FOR SALE
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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.

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

 

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Copyright ©2004-2009 Charlottesville Area Association of Realtors®. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the IDX Program of Charlottesville Area Association of Realtors®. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Any use of search facilities of data on this site other than by a consumer interested in the purchase of real estate, is prohibited. Information last updated on Wednesday, November 25, 2009.
 

 
 
 
 
 


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