There are many important key provisions in the purchase contract. However, some of the most important are obviously the sales price. The buyer and the seller has to agree on a sales price, otherwise you don't really have a contract. Then the closing date, that's important because you have to close by that date.

 

If you don't, there are going to be legal consequences either to the buyer or the seller. After that, you have contingencies. Contingencies are anything that has to happen, and if they don't, either the buyer or the seller can cancel the contract. Some of the contingencies could be a mortgage contingency, an appraisal contingency and an inspection contingency.

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