Purchase Contingency

If your home purchase is contingent on the sale of your prior house, be sure to indicate that on the contract.  This will enable you to terminate the contract if you are unable to sell the house. 

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Acceptance Date

When signing a contract as a seller, make sure you enter an Acceptance Date with your signature.  This is a very important date as the rest of the contract tolls from this date.

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"As-Is" Contracts

Even if the property is sold "as-is," the buyer can still terminate the contract following an inspection if it is not satisfactory.  The buyer just may not have the right to raise inspection items.

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Verbal Representations

Make sure any offers made by the opposing party are in the contract.  Otherwise, they are difficult to enforce.

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Home Warranty

If a buyer is unsure of the condition of the property, they can ask the seller to purchase a home warranty for them prior to closing.  It will usually cost a few hundred dollars and will usually last about 13 months from closing.  Based on the coverage, it can protect many fixtures as well as the house itself.

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Final Walkthrough

As a buyer, make sure everything is in acceptable condition during the final walkthrough of the property.  This would be your last change to raise any final issues or revisit inspection items that have not been completed.  Once the closing takes place, you lose your leverage and authority to raise these issues.

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Attorney Review Period

Before signing a contract, make sure there is an Attorney Review period in the contract in order to protect yourself.  This will allow your real estate attorney to propose any modifications or clarifications, in addition to being able to terminate the contract if you so choose.

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