Property Description: The terms and conditions should include a detailed description of the property being bought or sold, including its location, boundaries, size, and any fixtures or fittings included.
Purchase Price: The agreed-upon price for the property should be clearly stated in the terms and conditions.
Deposit: The amount and timeline for paying the deposit, which is typically a percentage of the purchase price, should be specified.
Financing: If the buyer requires financing, the terms and conditions may address the buyer's obligation to secure a mortgage or provide information about any seller financing options.
Contingencies: These are conditions that must be met for the sale to proceed, such as a satisfactory home inspection, obtaining financing, or the sale of the buyer's current property.
Closing Date: The date on which the transaction is expected to be completed should be included, along with any provisions for extensions or penalties for delays.
Title and Ownership: The terms and conditions should outline how the title will be transferred to the buyer and any warranties or guarantees associated with the property's ownership.
Disclosures: Sellers are often required to disclose specific information about the property, such as known defects, environmental hazards, or past renovations. The terms and conditions may address these disclosure requirements.
Default and Remedies: The consequences of a default by either party should be clearly stated, including potential remedies or penalties.
Dispute Resolution: The terms and conditions may outline the process for resolving any disputes that may arise during or after the transaction, such as through mediation or arbitration.