What are the key provisions of the purchase contract?
There
are many important key provisions in the purchase contract. However, some of
the most important are obviously the sales price. The buyer and the seller has
to agree on a sales price, otherwise you don't really have a contract. Then the
closing date, that's important because you have to close by that date. If you
don't, there are going to be legal consequences either to the buyer or the
seller. After that, you have contingencies. Contingencies are anything that has
to happen, and if they don't, either the buyer or the seller can cancel the
contract. Some of the contingencies could be a mortgage contingency, an
appraisal contingency and an inspection contingency.