 |
| Component | Description |
| What: | A legal description of the property, inluding the street address |
| How Much: | The selling price |
| Mortgage Contingency: | States that the sale is subject to the buyer obtaining a mortgage (if applicable), and covers the specifics of the mortgage—amount, rate and term. Says the application will be made in X number of days. |
| Deposit: | How much money accompanies the contract and who holds it. |
| Closing: | When and where the closing will occur. |
| Inclusions and Exclusions: | What is and is not included in the sale of the property. |
| Home Inspection: | Contingency for a home inspection to be done in X number of days. |
| Warranties: | Any warranties included with the house, and descriptions of them. |
| Condominium: | If the property is a condominium, other provisions will apply. |
| Well and Septic: | If applicable, they must be tested (and pass). |
| Termite and Pest Inspection: | States who pays for this inspection and, if there is infestation or damage, who pays for repairs. |
| Possession Date: | When the buyers take possession of the house—before, at or after closing. |
| Acceptance: | How long the sellers have to accept, reject or counter the offer. |
| Arbitration: | Any provisions for arbitration of disputes. |
| Insurance: | States whose insurance covers the property until the closing date. |
| Property Disclosures: | Notices of any property disclosures concerning the house. |