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The Contract of Sale orBuy/Sell Agreement is a legally binding document whereby the buyer agrees topurchase for a certain price, and the seller agrees to convey the title. Thecontract also serves as directions to the title company to close thetransaction. When your Coldwell Banker J. Wesley Dowling sales associateprepares your contract, he or she should be clear about the following details:

Who is paying the various expenses of the sale, including closing costs?
Sellers usually pay for aWood Destroying Insect Report, a portion of the year's taxes and assessment,and the real estate commission. All cost necessary to close are negotiable withthe exception of these items.

What is the actual closing date?
The closing date is thedate in which the proceeds of sale are available to the seller and the deed hasbeen recorded in the Parish Clerk of Court records. The date of closing canaffect your closing costs (make sure to ask your lender for a good faithestimate).

What is the date of occupancy?
This date is agreed to between the buyer andseller during the negotiations. If the seller remains in occupancy afterclosing, then there should be a rent back agreement in place prior to closing.