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7 Terms to Watch for in a Purchase Contract 1. The closing date. See if the date the buyer wants to take title is reasonable for you. 2. Date of possession. See if the date the buyer wants to move in is reasonable for you. 3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer. 4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable. 5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount. 6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final. 7. The contract expiration date. See how long you have to make a decision on the offer. Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Select Realty Services 23225 Tamyram Road Sky Valley, CA 92241 Tel: 760-329-3650 Fax: 760-329-1265This Is Coachella Valley's Unique Real Estate Web SitePalm Springs Desert Area Homes, Condos & Real Estate are to be found in the Coachella Valley cities of Palm Springs, Palm Desert, Cathedral City, Rancho Mirage, Indian Wells, Bermuda Dunes, La Quinta, Desert Hot Springs, Thousand Palms, and Indio. These are the cities that form the Greater Palm Springs Desert Area and are home to some of the finest living and the best resort real estate in the world. If you want to sell or buy homes, condos, or real estate anywhere in the Coachella Valley, this site will provide the information you need and the solutions you seek.
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