What are some of the things the buyer should be sure to put in the contract?
The contract should also include a standard clause that enables the buyer to have an inspection made of the property. It should allow the buyer to terminate the deal and receive a full refund of the deposit if s/he
(1) is unable, despite good faith efforts, to obtain financing within an agreed upon time at prevailing interest rates
(2) discovers any serious mechanical problems or environmental hazards with the house
(3) discovers any other serious problems that could not have been discovered before signing the contract.
The contract can also spell out who pays the "closing costs" for recording the deed, title insurance and escrow fees, not just state "per county custom." Then the buyer has a clear idea of the financial costs of closing.
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