Question: What contingencies should be put in an offer?

Answer: The majority of purchase offers include two average contingencies: a finance contingency, which makes the sale dependant on whether the buyer is able to obtain a loan from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.

A buyer can forfeit their deposit under certain circumstances, such as backing out of the purchase due to a reason not stipulated in the contract.

The purchase contract has to include the seller's responsibilities, such as passing clear title, maintaining the porperty in the present condition until closing and making any repairs to the property that were agreed upon.

Question: Where do I get information about closing costs?

Answer: To obtain more information on closing costs, ask for the "Consumer's Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.