If you`re in the process of buying a home, one of the most important documents you`ll encounter is the sales contract. This legally binding agreement outlines the terms of the sale, including the purchase price, closing date, and contingencies.

While it`s always wise to have a real estate attorney review your sales contract, drafting your own contract can save you time and money. Fortunately, there are many free sales contract templates available online that you can customize to fit your specific needs.

Here`s a quick overview of what a sales contract for a home purchase typically includes:

Purchase price: This is the amount the buyer agrees to pay for the property.

Earnest money deposit: This is a sum of money the buyer puts down as a sign of good faith, usually between 1% and 5% of the purchase price.

Closing date: This is the date when the sale will be finalized and ownership will transfer from the seller to the buyer.

Contingencies: These are conditions that must be met in order for the sale to proceed. Common contingencies include a home inspection, mortgage approval, and appraisal.

Seller disclosures: The seller is required to disclose any known defects or issues with the property. This can include things like water damage, mold, or structural problems.

Once you`ve found a sales contract template that you like, be sure to read it carefully and make any necessary revisions to ensure that it reflects your unique situation. Then, have a real estate attorney review it before you sign it.

By using a free sales contract template, you can save yourself time and money while still protecting your interests in the home-buying process. Just be sure to do your due diligence and make sure the contract accurately reflects the terms of your sale.