stock-photo-16941695-female-estate-discussing-property-details-with-clientDefinition: A real estate purchase contract is a binding agreement (between two or more parties with legal capacity) to purchase real property. It is based on legal consideration.

The Key Steps:

    • Organize – Set a goal to save a certain amount of money each month—then stick to it.
    • Watch Spending and Savings – Prioritize your family’s spending needs so that saving becomes second-nature.
    • Negotiate – Communicate early and often with companies or banks you owe money to so you can work out problems before they grow larger.
    • Elevate Your Credit Score – Know your credit score and what it means to banks and credit card companies and your future.
    • Read (and Understand) the Fine Print – Consider all the options, educate yourself, and be informed before you sign on the dotted line.


Set money goals, and develop a plan to reach them. Decide what’s important to spend, then save the rest for a rainy day—or a down payment on a home.

Watch Spending and Savings

Putting a little money aside every month takes hard work and difficult choices. But the rewards are great. Learn about the power of compound interest. Teach your children that a few hundred dollars invested now can turn into thousands of dollars over time.


Many consumers, including homeowners, feel trapped by debt. But there may be other options. Contact the people you owe. They may be willing to work with you to develop new payment plans. It will show that you are serious and smart about money.

Read (and Understand) the Fine Print

Consumers have more ways than ever to buy a home. Know your rights. Homebuyers should understand their mortgage contract and be on the look-out for scam artists and predatory lenders. A HUD-approved housing counselor (1-800-569-4287) can help.