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Contract Review

Sales contracts may differ significantly yet all should clearly set forth the responsibilities and privileges of all the parties involved. It is a legally binding document that protects each party. Carefully review the terms of the contract.


The sales contract should include the following:

• Legal description of the property and the exact street address
• Selling price of the property
• Amount of earnest money and who is holding it

• Amount due at settlement
• Specifics of the mortgage (amount, rate and terms)
• Title or Escrow company

• Details W of the closing - when and where
• Home inspection - Recommended to ensure against structural and unknown defects. Must be completed by a specific date set forth in the contract and completed by a cerified home inspector
• Inclusions and exclusions - Examples would include washers, dryers, drapes, etc.
• Pest Inspection - Who is responsible if there is damage or an infestation
• Warranties - Get the description of any that are included with the house
• Repairs – Unless you are accepting as-is, state who is responsible for repairs

• Well and septic – They must pass a test, if applicable
• Date of possession – When you take possession of the property
• Acceptance date – Either an acceptance or counter offer must occur by a specified date


Once the contract is signed, your REALTOR® will continue to be your advocate and ensure that your best interests are served.


Some of the details they will be available to handle are:

• Assist with scheduling all necessary pre-closing inspections

• Check finances are deposited according the contract specifications

• Keep you informed of any unseen problems that may arise and offer solutions

• Present a list of utility companies available for service

• Schedule and attend-the pre-closing walk through

• Prepare for and attend the closing



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