What should be included in the contract to protect the buyer during negotiations?

Including a clause that allows for a holdback for repairs is essential in protecting the buyer during negotiations. This provision gives the buyer leverage to ensure that any necessary repairs are addressed before the full payment is made for the property. By specifying a holdback amount, the buyer can retain a portion of the purchase price to ensure that outstanding repair issues, identified either during an inspection or prior to closing, are resolved.

This protective measure ensures that the buyer does not end up paying the full purchase price for a property that may require significant investments in repairs immediately after the transaction is completed. It emphasizes due diligence and encourages sellers to fulfill their obligations regarding the condition of the property. In essence, it aligns the interests of both parties, motivating sellers to address repairs promptly to facilitate closing.

Other options, such as withdrawing from the contract at any time or expediting the completion date, may not provide the same level of protection regarding the actual condition of the property. Guaranteeing the lowest price is generally unrealistic and may not hold in practical negotiations as market conditions can fluctuate.