What key aspect should be included in a purchase contract for a property?

A key aspect that should be included in a purchase contract for a property is the fixtures that will remain with the property. Fixtures are items that are permanently attached to the property, such as light fixtures, built-in appliances, and cabinetry. Stipulating which fixtures are included in the sale is crucial, as it helps avoid disputes between the buyer and seller after the transaction. Clearly defining the fixtures also ensures that the buyer knows exactly what items they will receive, which is essential for assessing the value of the property.

In contrast, including the seller’s previous mortgage amount, a list of all potential repairs needed, or property tax rates does not hold the same level of importance in establishing the terms of the transaction. The seller’s mortgage amount does not influence the buyer’s decision to purchase the property, while lists of repairs and property tax rates may be relevant during negotiations but do not need to be explicitly included in the contract itself.