The purchase of the property should be outlined in the contract. It is a legal document that binds both parties to stated terms and conditions. Normally the buyer's offer is written on their agent's contract. Therefore, as the buyer, you have the opportunity to set the stage. The first task in writing a great contract is determining the price. The offer price is very subjective and is determined from many factors, including:

• Recent comparable sales
• Condition of home
• Inclusion of any major improvements
• Current market conditions
• Circumstances of sellers

Here are other important items to indicate in the contract.

• Make sure the contract has built in contingencies that allow you to exit at appropriate times (financial, inspection, etc.)
• Offer earnest money around 2% of the offered price.
• Draft a closing date around month's end.
• Determine when transfer of possession will occur.
• Obtain property disclosure from the seller.
• Provide for a home inspection within 10-15 days, with a 5-day review window that allows you to terminate contract, if so desired.
• Provide for a final home inspection walk-through no less than 5 days before the closing.
• Put in the maximum mortgage rate to protect you in case rates suddenly climb.
• Make sure your agent uses a top closing attorney, or indicate one of your own.
• Obtain title insurance to protect your purchase.