What to Expect When Writing an Offer

In real estate, all offers must be in writing and are a traditional approach in contract law used to determine whether an agreement exists between two parties.

An offer is an indication by the Buyer(s) to the Seller(s) of the Buyer(s) willingness to enter into a contract under certain terms. An offer will contains all the terms of the agreement and will serve as the outline for the final sale and closing. The offer includes the address and the legal description of the property, sales price, closing date, concessions, and many other terms.

A contract is an agreement; A contract is said to come into existence when acceptance of an offer and the terms in it have been communicated to the Buyer and the Seller and both have signed in agreement. The contract is legally binding and should not be signed unless the buyer and seller agree to all the terms.

Once an offer has been submitted by a buyer, it is presented to seller. If the seller accepts the offer, they will sign and it will then be a contract.

If the seller does not agree with the offer and is not accepted, the seller may reject or present a counter-offer. A counter-offer may include changes in the price or some of the terms and conditions. Counter offers will state what the seller has accepted, rejected or changed about the offer.

Offers usually include the following:

  • Sales price
  • Earnest money
  • Home warranty
  • Survey
  • Title Policy
  • Option Period
  • Title company
  • Closing date
  • Contingencies
  • Personal property
  • Repairs
  • Concessions
  • Closing Costs

As REALTORS®, we have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.

Steps to Buying:

  1. Select a REALTOR®
  2. Obtain Financing
  3. Determine Needs and Requirements
  4. Select the Area
  5. Select the Right Home
  6. Write an Offer
  7. Negotiate
  8. Inspections
  9. Closing

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