Contract Terms and Conditions That You Need To Understand

When negotiating a contract, you need to pay attention to detail. We’ll explain the terms and conditions and make sure that you understand each facet of the contract.  In addition to the purchase price, the following terms should be noted:

1. Deadlines for inspections and approvals. As the seller, you want these taken care of as soon as possible to keep the process moving forward. 

2. Repairs. If an inspection reveals needed repairs, the contract should stipulate who pays for them.  Sometimes inspection issues simply send buyers and sellers back to the bargaining table.

3. Seller representations.  Some contracts state that the home is being sold “as-is,” meaning that the seller makes no representation as to the condition of the property.  IN other cases, the seller warrants that certain systems are in good condition.  Be sure you are aware of any such representations in the contract.

4.  Closing date.  For most sellers, the sooner the closing, the better.  However, if you are buying a home and can’t move in until a certain date, you’ll want to coordinate the closing date for the sale of your home with that closing.