The contract expiration date. See how long you have to make a decision on their offer. Also, be aware of how much time the buyers have to respond to your counteroffer.
Financing contingencies. If the buyer is going to finance the purchase of your home, make sure that they speak to a lender/mortgage broker and apply for a loan within 5 days of the effective date. Also, make sure that the buyers obtain loan “Approval” within a certain amount of time (25-30 days is typical).
Other Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, review of the contract by an attorney. Set time limits on ALL contingencies so that they won’t drag on and keep your sale from becoming final.
The closing date. Make sure the date the buyer wants to take title is reasonable for you.
The earnest (escrow) money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer defaults on the contract. 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 to you.
Repair Costs. Check to see how much money the buyer is requesting for repairs. If they leave it blank, make sure to put an amount in there. On FAR/BAR purchase contracts, if a repair line is left blank it means that the seller is agreeing to pay for repairs in the amount of 2% of the agreed purchase price.
