Major Components of Any Purchase Contract

Offered sale price. And in a competitive market, an escalation clause may be an option to consider.

Amount of earnest money. The earnest money is a portion of your down payment which is placed in a trust account and held by the broker. This deposit serves as assurance to the seller that you are a true, “earnest” buyer.

Type of financing. Any closing costs or points you expect the seller to pay, the amount of down payment, and the time period for you to obtain and provide a “letter of intent to proceed” and secure financing.

A proposed closing date, and when possession will take place.

Personal property inclusions and exclusions.

Any contingencies and the time frame within which they must be met.