"Door County Real Estate" by: Kevin Nordahl, REALTOR®

Seven Terms to Watch for in a Purchase Contract
(Portions reprinted by permission of National Association of REALTORS)

After the ink on your listing agreement is long since dry and you think your agent has forgotten where you live, ‘it’ finally arrives – the offer to purchase. Before consulting an attorney about what could be routine fact, see if there are any catches to your offer first. Here are a few things to ask your agent to review with you carefully.

1. The closing date. See if the date the buyer wants to take title is reasonable for you.

2. Date of possession (occupancy). See if the date the buyer wants to move in is reasonable for you. Many times the date for closing is the occupancy date also.

3. The earnest money. Look for the largest earnest money deposit possible; since it may be forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer.

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. Remember that you are paying your agent to sell the real estate, not the furniture. That’s what furniture salespeople do. It is also fair to note that your furniture devalues faster than your car. It’s usually worth less than half of what you paid for it on the showroom floor. Be realistic and keep it if it means a lot to you.

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. This may come later via a home inspection (see #6).

6. Contingencies. See what other factors the buyer wants met before the contract is final and whether you are to incur additional costs – ie. inspections, selling a home, obtaining a mortgage, surveys, tests, etc. Set time limits on contingencies so that they won't drag on and keep your sale from becoming final. The standard Wisconsin Offer to Purchase form used by a REALTOR will have time limits built into the contingency.

7. The contract expiration date. See how long you have to make a decision on the offer.

When all is said and done, it never hurts to have an attorney review your documents. It just may save you some time and money in between if you pay attention to these simple starting points first. Good luck!

Kevin Nordahl is a life-long resident of Door County, a REALTORŪ and a member of the Door County MLS. He is a Past President of the Door County Board of REALTORS® and a Senior Sales Consultant at Coldwell Banker Door County Horizons in Fish Creek. He may be reached online at knordahl@doorcountyrealestate.com or by phone at (920) 493-4004.

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