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Sales Contract

What: A legal description of the property as well as 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. The buyer is to make a formal application in X 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 and to be done in X number of days.

Warranties: Any of those are included with the house and description of the warranty.

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

Well and Septic: If applicable, they must be tested (and pass).

Termite and Pest Inspection: Who will pay and 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 acceptance or a counter offer.

Arbitration: Any provisions for arbitration of disputes.

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

Property Disclosure: Notices of any property disclosures concerning the house.