Here are some key terms to look for in a Purchase Contract
The closing date. The date the buyer wants to take title.
Date of possession. The date the buyer wants to move in.
The earnest money. A deposit that is forfeited if the buyer backs out without a valid reason; a large deposit is usually a good indication of a sincere buyer.
Contingencies. Conditions that allow the buyer or seller to back out of the contract, such as inspections, selling an existing home, obtaining a mortgage, review of the contract by an attorney. Time limits on contingencies ensure that they won’t drag on and keep your sale from becoming final.
The contract expiration date. How long you have to make a decision on the offer.