What is a Purchase Contract?

Posted by Shanna on Sep 9, 2011 in Blog, Buying Real Estate, Commons Questions, Selling Real Estate | 0 comments

To explain very simply, a purchase contract is when a buyer makes an offer to buy a home and the seller accepts.

A more through explanation is that once the buyer makes an offer to buy the property with all the terms ad conditions that make the purchase acceptable to them, the seller comes back with changes and after going back and forth over items such as price, closing dates, closing costs, and items included in the sale the buyer and seller both agree to the contract and a purchase offer and counter-offers becomes a purchase contract.

The Columbus Board of Realtors has a standard contract that was reviewed and accepted by the Columbus Bar Association.  It is 10 pages long and is one of the most extensive and thorough purchase contracts I’ve seen throughout the country.

Items within the CBR purchase contract:

1. Property details
2. Purchase price
3. Financing terms and conditions
4. Inspection terms and details
5. Fixtures and equipment
6. Tax and prorations

7. Lawyer review provision
8. Home warranty and gas line warranty details
9. Closing date and possession information
10. Various administrative clauses
11. Property disclosure details
12. Clause on damage and destruction to the property
13. Title insurance
14. Earnest money information
15. Ohio fair housing law
16. Duration of offer

Here is a partial first page of the contract:

A good agent will take both a buyer or seller through the entire contract, pointing out the specific written in details that matter the most. A purchase contract is the first step on the way to buying a home.


Shanna Lafontaine is a Realtor who works the Dublin, Hilliard, Powell, Worthington, and surrounding Columbus areas helping both Buyers and Sellers.

Shanna Lafontaine is a Realtor with RE/MAX Affiliates who works the Dublin, Hilliard, Powell, Worthington, Westerville, Delaware and surrounding Columbus areas helping both Buyers and Sellers.