* Is subject to change if the seller doesn’t agree with your terms * Can be refused if the seller doesn’t accept the amount being offered * Becomes void if the seller makes any changes, and becomes a counteroffer, which you can accept, refuse, or change. * In this last instance, which is actually quite common during this process, an offer turns into a counteroffer, which can turn into another counteroffer, and on it goes back and forth until both parties are satisfied, or until the buyer moves on and/or the seller refuses to accept the buyer’s deal. The offer doesn’t actually become a contract until all parties agree to all terms, conditions, and changes in writing. So, now, what should be included in the drawn-up purchase offer? Here is a list of the most common items: * Physical address of the property * Legal description of the property * Price and terms and conditions of the purchase * Seller’s promise to give clear title to buyer * Target closing date * Earnest deposit associated with the offer, as well as method of deposit * Disposition of earnest deposit if deal falls through or fails * Plans for adjusting taxes, fuel, and water bills between buyer/seller * Who will pay for title insurance, land survey, home inspections, etc. * The deed to be granted * State-mandated legal requirements * Attorney review of contract * Any disclosures * The time after which the offer will expire. In addition, something else to consider are contingencies. Many offers are made contingent upon a factor or event that must be
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