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The Sales Contract Includes

Component Description
What: A legal description of the property, including street address
How Much: The selling price
Mortgage Contingency: States that the sale is subject to the buyer obtaining a mortgage, and covers the specifics of the mortgage—amount, rate and term. Sets timetable for applying for financing.
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.