You have heard it a thousand times: Read everything in your contract! Yet, when push comes to shove, many people breeze over the exhausting fine print eager to sign on the final X__________ and begin moving in.

Even when you intend on reading everything in the documents, you struggle to go through every last word. But even the smallest paragraph could end up being the clause that can cause a lifetime of headaches.

The article, “Pay Attention To The Contract Details,” written by Martin Lukac and posted on ezinearticles.com, reinforces the importance of contract specifications. After all, they are in there for a reason.

When it comes time to buy a house, the contract seems straight-forward and for the most part it is. It stipulates the terms and conditions of the house, the rights of the new owner and how much the seller and lender will receive.

“When your Realtor writes your contract, it is very important that everything be correct, down to the last detail. A lot can happen if a box is checked that shouldn't be or one isn't checked that should be. If the contract isn't complete or the addendum is left out, there could be trouble in the future.”

These minute details could end up costing thousands of dollars and possibly tarnish your entire contract.

The most important thing about the contract is that you must make sure it is exactly what you agreed upon prior to the seller receiving it. If there is a wrong decimal point or missing a signature, the seller may just null you contract and move on to the next bidder.

There are three primary components that will allow you to ensure the contract is accurate and fair.

The first thing is the inspection. “There are many inspections that buyers can request. The most important is having the home go through a complete home inspection by a professional. This is usually as simple as a check in a box. Make sure that the box is checked. And if you are requesting a pest, termite or environmental inspection, make sure that you include it in the contract.”

Next, you have to pay attention to a variety of disclosures. Most of the included disclosures are required by law. The buyer and seller will have to sign plenty of disclosures, such as the property disclosure, lead-based paint disclosure and many others. But not all are required by law so make sure you understand everything before signing or initialing.

And the third component includes “other terms of the agreement.”

“Some of the most common clauses added to a contract are escalation, home of choice and rent back agreements. You want to make sure that these are included. For example, if you are escalating your price, you need to put what your top price is. Don't just say that you will best any other offer by $2,500 without writing down the cap on your offer. Never assume anything.”

You also have the power to include anything else you want into the contract, although it only becomes valid once the other party signs.

Take your time and be careful when reading the contract. If you know you thoroughly went through everything, you will ensure many more restful nights than if you were negligent.