Maurice Gilmore - SECRETS FOR SELLING YOUR HOME ALONE

binding offers.” Read on to learn about these terms and their importance. Non-binding offers — A non-binding offer, often referred to as an indicative offer, is a term used in the purchase and sales process through which a contractual negotiating platform can be set up between you and a potential buyer. With the help of this document, a buyer can express their interest in buying your property and their desire to enter into negotiations while maintaining the confidentiality of the sales process. A non-binding offer must include certain clauses, explaining the purpose of the sale, determining a price range for the transaction, and outlining the terms of payment and the expected sources of loan/mortgage. Besides these, other details, like the estimated time frame of the transaction and the expected closing date, can also be mentioned in a non-binding offer. Binding offers — When you receive an indicative offer from a potential buyer, it is legally non-binding for both parties. An indicative offer will only become a binding offer when you agree to the terms mentioned in the offer and sign an acceptance unconditionally. If you like the buyer’s offer with a few exceptions, such as the price or the date of closing, you can send a counteroffer to the buyer stating the desired changes. When accepting an offer, you must carefully scrutinize all the terms that have been stated by the buyer. Once you accept an offer, you can’t change your mind, so it’s better to put a lot of thought into it rather than accepting an offer hastily. If you are in doubt regarding the legal jargon, it’s a good idea to consult an attorney or an agent for their guidance.

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