Answer. Current real estate purchase contracts or purchase agreements can have a lot of legal jargon and you need to spend time reading the entire document and ask questions about anything you do not understand.

There are lots of important details, besides the purchase price, that must be satisfactorily spelled out within the purchase contract. Some of the important issues that you’ll want to watch for include deadline dates for various inspections of the properties including home and termite inspection. It is not mandatory, but highly recommended that properties to be inspected within the inspection period which is usually first ten days after both parties signed a purchase agreement and escrow being opened. Many times sellers will try to control this process, but be sure to give yourself enough time to get all of your inspections and investigations completely finished.

The purchase agreement also should be clear on how negotiations will proceed once the inspector has completed his inspection report. Just because a home inspector indicates that some items needs to be fixed does not automatically mean that the seller will be responsible for the repairs. The contract also should specify who will do the repairs that both parties agreed upon or how that matter will be negotiated. Some sellers will place a warranty on certain major components of a home such as air conditioning unit or the roof. The contract must include those specific items that are “guaranteed” by the seller and those that are not. The same time, you will need to decide if you want a home warranty to be included as part of the purchase contract negotiations. For Sun City properties that were built over 30- 40 years ago and some Sun City West homes that were built by famous developer of retirement communities, Del Webb, it is a very good idea to have a Home Warranty in effect at any given time. Warranties insure the major operating systems, plumbing, and appliances within the home.

Another important item to pay attention before signing a contract is the closing date. Give yourself extra time to be sure that you are able to move from your current home to your new residence without being overly rushed. Give yourself a few extra days in case the closing for some reason is delayed.

These are just a several of the main topics to watch for when signing a contract. Most important: don’t enter into any contract without competent representation from a REALTOR® or experienced attorney.