repairs or specific closing dates. • It is signed and submitted through an agent—either your buyer’s agent or the listing agent. • It is not a binding contract until all parties agree to all terms in writing. • The seller can accept, reject, or counter the offer. Counteroffers are common and may go back and forth until both parties agree—or the deal falls through. COMMON COMPONENTS OF AN OFFER IN CALIFORNIA
A standard purchase offer will typically include: • Property address and legal description • Price and terms of purchase • Seller’s promise to provide clear title • Target closing date
• Earnest money deposit amount and method • Disposition of the deposit if the deal fails • Allocation of taxes, escrow fees, title insurance, and other costs • The deed to be granted
• Required state disclosures • Expiration date of the offer
CONTINGENCIES
Contingencies are conditions that must be met for the sale to proceed. In California, the most common contingencies include: • Financing Contingency: Your offer is contingent upon obtaining a mortgage or securing funds. • Inspection Contingency: The sale is contingent upon a satisfactory home inspection. This ensures you can back out, renegotiate, or request repairs if significant issues are discovered.
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