7 Terms to Watch for in a Purchase Contract

1. The closing date. See if the date the buyer wants to take title is reasonable for you.
2. Date of possession. See if the date the buyer wants to move in is reasonable for you. In Virginia, possession is typically given at the time of closing, but remember, as in all real estate transactions, these dates are negotiable as well.
3. The earnest money. Look for an earnest money deposit that is strong.  The larger the amount, usually the better for if the buyer defaults, and is proven to have defaulted, many states allow for the Seller to retain the earnest money as liquidated damages.  These are terms that need to be spelled out in the contract.  Loan commitment dates are of the utmost importance since they determine when the buyer needs to have everything in order to fund the loan.  As a Seller, tighten up these dates so the buyer is not allowed to go all the way up to closing with the option of still backing out of the deal and receiving a refund of their earnest monies. 
4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable.
5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount.
6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final.
7. The contract expiration date. See how long you have to make a decision on the offer.