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. Something else to consider is contingencies. Many offers are made contingent upon a factor or event that must be resolved before the offer moves forward. The most common contingencies are home inspections, financing and appraised value. You can make your offer contingent on a satisfactory home inspection. If serious damage is found, the deal may be renegotiated or canceled—especially if the home is deemed
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