Now that your ideal property has passed inspection, it’s time to enter into a contract of sale with the seller. A contract of sale in a real estate transaction is a legal contract documenting the promise to exchange a property from seller to buyer for an agreed upon value of money. The contract is usually prepared between the buyer’s and seller’s attorneys and outlines the following:  Who the buyer and sellers are and the mentions of subject property What price was agreed on, how much of it is the buyer paying upfront, and how much is being financed Contingencies such as a mortgage commitment from the lender and repairs to be made by the seller. There is usually a stated time frame for such contingencies.  List of personal moveable items agreed on by buyer and seller, e.g. Shed, pool, etc… An occupancy/possession agreement outlining when the buyer will obtain possession of the home and when seller will vacate the property When the closing date will be