Typically,  your contract should address the following issues:

- An exact description of the property you are buying, including the land surrounding the building.

- The purchase price and whether it is all due at closing or in installments.

- A list of any equipment or personal property that is included in your purchase.

- Any contingencies that must be met before you are obligated to complete the purchase.

- How property taxes and utility bill will be pro-rated (allocated) between you and the seller.

- The type of title evidence or title insurance the seller must provide.

- The date for closing and delivery of possession.

- What legal recourse a party has if the other party defaults.