Real Estate Purchase Contract Checklist: What Every Buyer Should Review

Key Items to Review in a Real Estate Purchase Contract

A real estate purchase contract is one of the most significant agreements you may sign. This checklist helps ensure you understand the terms before committing.

Property Description and Price

• Is the property correctly identified by legal description and address?
• Is the purchase price accurate and consistent throughout the document?
• Are earnest money deposit amount, due date, and escrow holder specified?
• What personal property is included (appliances, fixtures, window treatments)?

Contingencies

• Is there an inspection contingency with adequate time for professional inspections?
• Is there a financing contingency that lets you back out if your loan is not approved?
• Is there an appraisal contingency protecting you if the property appraises below the purchase price?
• Is there a title contingency allowing you to review and object to title issues?
• Is there a home sale contingency if you need to sell your current home first?
• Are contingency deadlines realistic and clearly stated?

Inspections

• What types of inspections are you entitled to (general, pest, radon, sewer, environmental)?
• What is the deadline for completing inspections?
• What are your options if inspections reveal problems (negotiate repairs, request credits, walk away)?
• Is the seller obligated to provide access for inspections?

Financing Terms

• Are the loan type, interest rate, and down payment specified?
• What is the deadline for obtaining loan commitment?
• What happens if you cannot secure financing — do you get your earnest money back?
• Are seller concessions toward closing costs documented?

Title and Survey

• Is the seller required to provide marketable title free of liens and encumbrances?
• What is the deadline for title review?
• Is title insurance included, and who pays for it?
• Is a survey required, and who is responsible for the cost?

Closing

• What is the closing date, and is it firm or approximate?
• How are closing costs allocated between buyer and seller?
• What is the possession date — at closing or a different date?
• What happens if one party is not ready to close on time?

Disclosures

• Has the seller provided required property disclosures (condition, defects, environmental hazards)?
• Is there a lead paint disclosure (required for homes built before 1978)?
• Are HOA documents and rules provided if applicable?

When to Consult a Lawyer

Real estate transactions involve substantial financial commitments. Consider having a real estate attorney review the purchase contract before signing, particularly regarding contingencies, title issues, and any unusual provisions.

This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for guidance specific to your situation.