Contract and Terms of Sale When Selling Properties

[E.]

I’m getting ready to sell some properties (in the $40-80k range) and am curious how the experienced folks on here do a few things.

What contract are you using when you sell properties: something short and simple that you drafted yourself, or a longer and more formal template? If the buyer is using an agent, do you allow the buyer’s agent to use their standardized Realtor purchase and sale contract?

How much of an earnest money deposit do you typically ask of the buyer?

How far out do you typically set the closing date on the contract? How short a time period can you realistically get away with, keeping in mind the buyer might want time to have survey done, perc test, etc. on top of regular title stuff?

Thanks in advance for any thoughts you all might have.

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[John Pitkin]

#27861

I use my own two-page purchase agreement for cash sales. If the buyer has an agent, the agent will want to use their forms. I usually ask for a $500 deposit that the buyer pays online via PayPal. I normally allow one month for closing unless the buyer has specific need for more time to satisfy contingencies such as perc test. I will write in a closing date less than 30 days if the buyer really wants it, sometimes the escrow company is able to do it.

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