Although you may be told that the contract you're about to sign is "standard and customary," remember that nothing is standard in real estate law! No two situations are alike. There are exceptions to everything and many subtle local and regional nuances. And even though you might be told you don't need an attorney, if you want your interests and finances protected, you do.

That's why it's so important to ask your real estate attorney to review the contract before you sign it. Think of the contract as the blueprint for the entire transaction—most everything is determined at this time. No, the contract itself can't hurt you. It's just a pile of paper and ink. That is, until you've signed on the dotted line. After all, we're talking about a legally binding document, so it's in your best interest to make sure the complex details of the contract aren't left out or written in a way that puts you at a disadvantage.

The best way to protect yourself when submitting a contract is to enlist the help of your real estate attorney. He or she can examine the document for you, spelling out in proper legalese the exact terms under which you will buy the home and making sure those terms are legally enforceable. If there's a dispute with the seller and your contract isn't drafted properly, your hard-earned deposit could be at risk and you could be forced to accept a resolution you don't like.

Here's what your purchase contract should include:
• Purchase price—it may not be your final offer, but it should be realistic given the recent selling prices of homes comparable in terms of age, size, condition and location.

• Full names of buyers and sellers, plus their marital status

• Address and proper legal description of the property—uses real estate lingo such as "plats" and "tracts" to pinpoint the property's exact location

• Earnest money deposit—a.k.a. "good faith" money, usually 3% to 5% of the purchase price; placed into an escrow account after the home inspection contingencies have been met; do not give the money to the seller!

• Closing costs and who pays them

• Amount of commission paid to real estate agent(s)

• Bill of sale that describes and itemizes any exchange of personal property, such as window treatments or appliances

• Date and place of closing

• Date the seller will vacate the home

• Responsibility for payment of utilities until you take possession

• Any contingencies (conditions)—see below

Contingencies: the nitty, the gritty, the necessary.
You can lose a lot of money over the "minor details" if they're not clearly written into the contract as contingencies, or conditions under which you will buy the home. Your attorney can guide you through all the elements of the contract, pointing out any contingencies or conditions that aren't favorable to you.

Who pays for what—the home inspection, repairs, closing costs, etc.—is determined by regional or local customs. But there's no law that dictates one party must pay for certain procedures. By the way, oral agreements are generally not enforceable in Florida. So if the sellers told you they'd leave behind the porch swing, be sure it's specified in the contract.

No "standard" contract will automatically include every provision specific to your needs and requirements—they must be added. In addition to making sure you're protected, your real estate attorney can spell out all your legal rights and monetary obligations, and insert any contingencies (or "escape" clauses) within the contract, including:

• Financing contingency. This makes the deal dependent upon your receiving the mortgage you're applying for, specifying cancellation rights and return of earnest money deposit if you can't arrange adequate or acceptable financing

• Home inspection. If you are not satisfied with the home's inspection report, this clause covers your right to force the seller to make repairs and/or lower the price of the home—or you can opt out of the contract.

• Home sale contingency. Allows a specific timeframe for you to sell your current home.

• Clear title. The seller has to give you a clear and marketable title to the property.

• Return of earnest money. Should the transaction collapse through no fault of your own—i.e., you don't get the loan or the seller can't or won't meet one of your contingencies—this clause says you get your deposit money back.

• Liability for fire or other hazards. If something happens to the house after the contract has been signed but before you actually move in, this clause protects you from liability.