Your contract should also make clear what actions the seller must take to deliver a good title by settlement, and what recourse you have should that not occur. Make your offer contingent on getting a written loan commitment within a specified time and at terms agreeable to you. The terms and conditions of any seller financing should be fully and exactly set out in the contract. Settlement date and possession. The sale should be made subject to a settlement date and when you will be entitled to take physical possession of your new home.
Possession usually occurs immediately after settlement.
The contract usually specifies the attorney or title company that will perform final settlement services. Sale of current residence. If your purchase of this house is contingent on the sale of another, this should be carefully stated. Response time limit. This contingency clause gives you the right to have the property inspected and to withdraw your offer if the inspection report isn't satisfactory to you for any reason.