Well-written purchase offers specify which personal property items, in addition to the structure, are included. If you want any personal property included, such as the seller's refrigerator, washer, dryer and patio furniture, be sure to itemize it on the purchase offer. Many pre-printed agreements contain a liquidated damages clause. That means that if the buyer defaults without good cause, the seller is entitled to keep all or part of the buyer's deposit as a forfeiture and agreed damages. A liquidated damages clause eliminates the need to go to court if the buyer defaults because the parties have already decided the buyer's penalty.
Some states limit the amount of liquidated or agreed damages.
The finance and professional-inspection contingency clauses are usually sufficient to protect home buyers. To avoid wasting time and money, specify that the review will take place after the offer is accepted by the seller. Robert J. Bruss is a syndicated columnist, as well as a real estate investor, lawyer, broker and educator in the San Francisco Bay Area.