Everything you need to know before signing a contract

Ready to make an offer on the home of your dreams? Keep in mind that a written and signed (ratified) purchase offer can bind both you and the seller. Whether it's called a contract-to-purchase, an offer, binder, or earnest-money agreement, you can be held to your offer once it's signed by the seller. If you leave anything out and the seller accepts and signs the contract, you're out of luck. That's why your purchase offer must include every minute detail and aspect of the sale. Here are some important points that it should cover:

1. The date and amount of deposit (earnest money).

2.Your name as buyer and the property owner's name as seller.

3. The total purchase price.

4. Full legal description and street address of the property.

5. The lawyers, brokers and others involved in the sale, as well as the terms and conditions of their compensation.

6. The options available to both buyer and seller should either party default.

Key Clauses

Your offer contract should also contain important protective and escape clauses making the entire agreement subject to, or contingent on, their fulfillment.

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