7 Terms to Watch for in a Purchase Contract

Money.  Is the Dollar amount of the sale acceptable for you

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

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

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

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. You should also check to see if any home warranty is included and who is paying for it.  This should be spelled out in the Agreement of Sale.

Pay particular attention to the dates in the agreement of sale.  Anything that is not acceptable is part of negotiating the final contract.  Once the Agreement of Sale is signed, it requires both parties approval to change a date.

The Delaware Agreement of Sale contains a paragraph(32) where additional terms can be included.  This may include settlement assistance which could impact your sellers net.  Pay close attention to this paragraph.