There are 2 main types of real estate contracts, plus about 40 or so addenda. These were formulated by the FAR/BAR (Realtors and attorneys) to facilitate trouble-free transactions. A good agent knows the contracts and addenda, and how to use them. The standard warranty contract compels the seller to fix inspection items up to an agreed amount. If the seller complies, the buyer is obligated to perform on the contract. The AS-IS contract allows the buyer to cancel the contract w/o penalty, at their sole discretion, within the inspection period. Standard contingencies in both contracts include mortgage commitment, clear title and maintenance of property during contractual period. Common addenda include review of condo docs, subject to sale of buyers property and certain disclosures. Contact me if you have questions or need an experienced agent to help guide you through to a successful transaction.