Sales contracts may differ significantly yet all should clearly set forth the responsibilities and privileges of all the parties involved. It is a legally binding document that protects each party. Carefully review the terms of the contract. The sales contract should include the following:

• Legal description of the property and the exact street address
• Selling price of the property
• Amount of earnest money and who is holding it – often it is held in an escrow account by a third neutral party.
• Amount due at settlement
• Specifics of the mortgage (amount, rate and terms)
• Title company – either a title company or attorney must be agreed upon by buyer and seller
• Details of the closing, when and where
• Home inspection – to ensure again structural and unknown defects, to be completed in a specified time period
• Inclusions and exclusions – examples would include washers, dryers, drapes, etc.
• Pest Inspection – and who is responsible if there is damage or an infestation
• Warranties – get the description of any that are included with the house
• Repairs – unless you are accepting as-is, state who is responsible for repairs, with a date for a walk-through inspection
• Well and septic – they must past a test, if applicable
• Date of possession – when you take possession of the property
• Acceptance date – either an acceptance or counter-offer must be responded to by a specified date