Good contract clauses

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I don't know if their already is a sticky or not but a thread on good contract clauses for beginning investors might be nice. Obviously snippets of clauses from other peoples contracts should NEVER take the place of a good lawyer to help one buy real estate. But a thread like this might give us newbies good ideas for putting into our own contracts.

Here's the one that I use about every week, to kick start your efforts....

Inspection Clause

The sale of this house is contingent upon a home inspection satisfactory to Purchaser. Seller grants Purchaser and ______________ (name of home inspector) the right to enter upon the property between the hours of 7:00 a.m. and 5:00 p.m. for the purpose of doing a thorough and complete structural and mechanical inspection of the home and testing for lead paint, water, water well, septic tank and field lines, and any other tests or inspections necessary and requested by Purchaser. Purchaser has 10 working days to complete the inspection and 7 calendar days thereafter to provide Seller with a list of items to be repaired or replaced. Seller shall have 3 calendar days to respond to Purchaser’s list of repairs. If Seller of agent requires a copy of the home inspection report, a copy will be available only if Seller tenders payment of not less than sum of the inspector’s total fee. Should Seller and Purchaser fail to reach an agreement on repairs/replacements to be made, the contract becomes void. Earnest money and accumulated interest will be returned to Purchaser within 48 hours upon written notification to Seller or his/her agent that contract has been terminated by Purchaser.

I am not sure how to "upload" the documents here, but if you go to http://realestatebeginnersguide.com/agreements.html, there is a contract of sale and a contract of assignment.

I am new to investing all around, so I can't speak to their thoroughness, etc...but, there they are!

You should try to locate the standard purchase and sale contract for your state and use that one. Having a cheap home made contract that was created on Microsoft Word might not fly with many investors. This will make you look more legit.