You and the seller may negotiate back and forth a few times, but once both come to agreement and sign the form, you have a legally binding contract and you have in effect bought the house. Details of the sales contract will generally include the sale price, concessions made by the seller, contingencies such as subject to the buyer getting a satisfactory inspection, being able to get a mortgage, inclusions and exclusions in the property, attorney review and the date and time of settlement and possession (the closing).