Going to Contract Get a standard real estate purchase contract and make sure that you are completely familiar with it. Review it with a real estate attorney if you are not comfortable. The buyer may not have the proper forms, so always make sure to have several contracts ready to go. Make sure to spell out every detail in the contract. Any misunderstanding could end up costing you thousands of dollars or even tying your home up for months. When you are presented with an offer from a buyer, you have three basic options: Accept the offer Reject the offer Make a counter offer Here is some items that you should consider when structuring an offer or deciding how to respond to an offer that is presented to you. PRICE DOWN PAYMENT EARNEST MONEY DEPOSIT (MINIMUM 2% OF SALES PRICE) IS THE BUYER PRE-APPROVED IS THE INTEREST RATE THEY WANT AVAILABLE CLOSING/POSSESSION DATES PRORATIONS LOAN DISCOUNT POINTS - WHO PAYS CLOSING COSTS - WHO PAYS WHAT APPRAISAL - WHO PAYS HOME PROTECTION PLAN - WHO PAYS INSPECTIONS - WHAT TYPE AND WHO PAYS ITEMS INCLUDED (WASHER/DRYER, REFRIGERATOR, ETC.) TITLE/ESCROW COMPANY/ATTORNEY CONTINGENCIES - WHAT AND HOW LONG A contingency means that something else must happen in order for the deal to go through. A contingency may seem like a minor issue, but it can be a major stumbling block. A purchase may be contingent on the buyer getting approved for financing, selling the home that they already own, getting a favorable inspection report, or any number of other things. Make the contingencies as specific as possible, and spell out exactly what will happen if the contingency is or isn’t met. Once you have a contract mutually agreed upon and signed by all parties, take it and the buyers earnest deposit to a real estate attorney.