7 Terms to Watch for in a Purchase Contract

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.

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

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Christopher Rich is a full-service, gay Connecticut real estate agent providing real estate services to the GLBT (gay, lesbian, bi and transgendered) community. Christopher specialized in Fairfield County and New Haven County real estate, but can assist clientele throughout CT. Some of the many services that he can provide for you include a FREE home buyer and seller consultation, Community information, a FREE Comparative Market Analysis of your home, home buyer and seller representation, real estate listing and marketing services, MLS listing and searching including daily email notifications, mortgages, insurance, title and settlement services , home warranty programs, relocation, HOMEefficient Moving™ In services and more.

Some of the Connecticut cities that Christopher services include Bethany, Bethel, Bridgeport, Brookfield, Cos Cob, Danbury, Darien, East Haven, East Norwalk, Easton, Fairfield, Greenwich, Hamden, Milford, Monroe, New Canaan, New Fairfield, New Haven, Newtown, North Haven, Norwalk, Old Greenwich, Orange, Oxford, Redding, Ridgefield, Shelton, South Norwalk, Southbury, Southport, Stamford, Stratford, Terryville, Trumbull, West Haven, West Norwalk, Weston, Westport, Wilton and Woodbridge.

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