• must conform to local regulations and standards; • must mention the amount being o ff ered as well as the actual asking price; • must include any terms and conditions on the purchase; • must be dra ft ed and signed; • must be forwarded to the seller through an agent (your buyer’s agent or the seller’s agent); • is not a binding sales contract; • is the buyer’s o ff er on the house based on its current condition and according to the terms and conditions; • 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 o ff ered; • becomes void if the seller makes any changes, and becomes a countero ff er, which you can accept, refuse, or change. In this last instance, which is actually quite common during this process, an o ff er turns into a countero ff er, which can turn into another countero ff er, and on it goes back and forth until both parties are satis fi ed, or until the buyer moves on and/or the seller refuses to accept the buyer’s deal. Th e o ff er 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 o ff er? 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; 82
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