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The Sales Contract: What It Includes
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What: A legal description of the property as well as the street address. |
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How much:
The selling price. |
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Mortgage contingency:
Subject to obtaining a mortgage (if applicable) and the specifics of the mortgage--amount, rate and term. The buyer
to make formal application in X number of days. |
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Deposit:
How much money accompanies the contract and who will hold it. |
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Closing:
When and where. |
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Inclusions and exclusions: What is and is not included in the sale
of the property. |
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Home inspection:
Contingency for and to be done in X number of days. |
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Warranties:
Any that are included with the house and description of the warranty. |
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Condominium:
If the property is a condo, other provisions will apply. |
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Well and Septic:
If applicable, they must be tested (and pass). |
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Termite and Pest inspection:
Who will pay and if there is infestation or damage, who will repair. |
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Possession Date: When the buyers take possession of the house--before, at or after closing. |
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Acceptance:
How long the sellers have to respond to the offer with either acceptance or a counter-offer. |
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Arbitration:
Any provisions for arbitration of disputes. |
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Insurance: Whose
insurance covers the property up until the closing date. |
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Property Disclosures:
Notices of any property disclosures concerning the house. |
