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Things to review in a buyer’s purchase agreement

Although selling your home can be full of twists and turns, it's all worthwhile once you receive a purchase agreement from a potential buyer. This is when you finally realize that you're getting close to the finish line.

Before you sign on the dotted line, it's important to review the purchase agreement in great detail. Here are five things that deserve your attention:

  • Price. Make sure you understand what the buyer is offering to pay for your property. There shouldn't be any gray area here.
  • Financing. Is the contract contingent on the buyer obtaining financing? Is the person buying your home with cash? This will have an impact on what you do next.
  • Response deadline. Simply put, you need to know how long you have to review the offer and make a decision.
  • Settlement date. When does the buyer want to close on the sale of the home? You must make sure this aligns with your situation, such as when you're able to move out.
  • Contingencies. Is there a financing contingency? How about an inspection contingency? Be sure to review and understand every contingency.

Reviewing a buyer's purchase agreement is not always as simple as it sounds. Even if you have some knowledge of what to look for, as you begin to move through the documents, you could have a variety of questions.

It's important to understand every last detail of a buyer's purchase agreement. Along with this, focus on your legal rights as a seller. Doing everything the right way during this time will help you avoid a costly setback in the future.

Source: Kiplinger, "7 Things to Review Before Accepting a Buyer's Purchase Agreement," accessed March 23, 2018

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