Always ask for the exact terms you want. If the seller turns you down, at least they know they’re dealing with a savvy negotiator. However, the fewer hoops the seller has to jump through, the greater your chance of being accepted. Consider whether you are in a buyer’s or seller’s market before setting contingencies.

1. Fill in the names of the buyer(s) and seller(s). Include the phrase “and/or Assignee” to allow for a co-owner to be added later.

2. Fill in the exact address, legal description, parcel number or any other necessary description. Attaching an addendum stating a precise location is always a safe bet. Add the words “subject to buyer’s approval of a survey” Confirm both the exact city/jurisdiction and the school district of the property.

3. Your agent will help you determine the appropriate amount of earnest money to include with your offer.

 If you are making a low offer, include more earnest money. A deposit is not required, but sellers expect one. One percent of the selling price or $1,000 is usually acceptable. Promising to raise the deposit to 5% when the contingencies are eliminated is a good tactic.

Don’t actually give the deposit to the seller until your offer is accepted. Have a neutral third party, such as an escrow company, hold it. You also have control over where the money is held until closing.

4. Your offer should state “contingent on mortgage approval.” Describe the terms of the mortgage you are seeking: “15 year adjustable $300,000 mortgage with an interest rate no higher than 7%, and maximum monthly payment of $900.00.”

5. Outline requested seller financing in detail: “seller to carry back first mortgage.”

6. Include a detailed list of every item you want included, but don’t just say “stove.”

Say “black Wolf range model #X50.” This prevents substitutions by the seller.

7. Prevent “shopping” of your offer by specifying a short acceptance time—24 hours is standard.

8. Make your offer contingent upon your authorization of the seller’s disclosure of defects (if required by your state).

9. Stipulate that the seller will pay for the repair of major defects uncovered in the inspection, and that your deposit will be refunded if they refuse.

10. It’s smart to set a maximum liability amount in case you have to back out of the deal.

11. Don’t sign an arbitration clause. You can determine  later the proper arena for handling disputes.

12. If you or your agent feels it’s necessarily, include a “weasel” clause. “This contract and offer are conditional upon legal counsel’s review within 7 business days.”

13. Don’t include a clause that says “All cash to seller” if you’re waiting on loan approval.