Once an offer is made, a contract is drafted. This is a legally binding document sealed with a deposit saying you will buy the property. There is no standard sales contract and much of the detail is negotiable during the contract phase. Contracts contain the property address and names of the buyer and seller. They list the sales price and the type of loan the buyer intends to acquire.
Contracts also note the real estate agent's fee, if any, and sets the deposit amount.
Certain requirements, such as termite inspections, settlement date, condition and title are fairly standard. So is a section that lists appliances and other moveable items that will convey to the new owner. Contracts are negotiable, and it's during this time that buyers and sellers should decide who pays what. Buyers can ask that certain items be repaired or replaced before closing. They can ask the seller to pay points or a certain amount of the closing costs.