Contract Type

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• The most common residential contract
• Includes purchase price, financing terms, closing date, contingencies and other conditions

•   Used when buying directly from a builder or developer, includes details about construction timelines, custominzation options and warranties

• Property is sold in its current condition
• Seller isn't obligated to make repairs, but allows time for inspection

• Provides the buyer exclusive rights to purchase within a specified time frame
• Buyer pays an "option fee" for this right

Seller finances the loan instead of traditional mortgage