being offered; • becomes void if the seller makes any changes, and
becomes a counteroffer, which you can accept, refuse, or change. Counteroffers are actually quite common and can go on for a while, back and forth between buyer and seller, until both parties are satisfied (or not, in which case the deal is off). The offer doesn’t actually become a contract until all parties agree to all terms, conditions, and changes — in writing. Here is a list of the most common items that are included in the drawn-up purchase offer: • 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 the amount and method of deposit • Disposition of earnest deposit if the 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 (not all states) • Any disclosures • The time after which the offer will expire Don’t forget about contingencies. A contingency, can make, or 50
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