What are some of the things the seller should be sure to put in the contract?
The seller will want to be sure that the contract specifies that
(1) s/he (the seller) is entitled to damages (usually the deposit) if the buyer does not fulfill his or her end of the contract - the amount can vary from as low as 1% to as much as 10%, generally depending upon the location
(2) all statements made about the property by the seller are accurate
(3) any of the buyer's contingencies - like inspections or financing - will be taken care of in a reasonable amount of time
The date of closing and possession should be clear. Also who pays the "closing costs" and broker's commission (when is it payable: upon signing the contract or upon close of escrow)? These should be clearly spelled out.
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