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Sales Contract

Components of a contract:

What:
A legal description of the property and the street address.

How much:
The selling price.

Mortgage contingency:
Subject to obtaining a mortgage (if applicable) and the specifics of the mortgage -- amount, rate and term. Application to be made in a specified number of days.

Deposit:
How much money accompanies the contract and who will hold it.

Closing:
When and where.

Inclusions and exclusions:
What is and is not included in the sale of the property.

Home inspection:
Contingency for a home inspection to be done in a specified number of days.

Warranties:
Any that are included with the house and a description of them.

Condominium:
If the property is a condo, other provisions will apply.

Well and septic:
If applicable, they must be tested and pass.

Termite and pest inspection:
Who will pay if there is infestation or damage; who will repair?

Possession date:
When the buyers take possession of the house -- before, at or after closing.

Acceptance:
How long the sellers have to respond to the offer with either an acceptance or a counteroffer.

Arbitration:
Any provisions for arbitration of disputes.

Insurance:
Whose insurance covers the property up until the closing date?

Property disclosures:
Notices of any property disclosures concerning the house. The exact wording of the sales contract will vary by location, but this review should put you in a better position when it comes time for the agent to ask for your signatures.

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Melissa Conrad, REALTOR®
Committed to Life Long Superior Service!

Melissa@MelissaConrad.net
Direct: 772-240-2589

Coldwell Banker Residential Real Estate
1973 SW Savage Blvd
Port St Lucie, FL 34953
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