into another counteroffer, and on it goes back and forth until both parties are satisfied, or until the buyer moves on and/or the 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.
Here are the most common items included in a 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 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 (mortgage commitment) and appraised value.
You can make your offer contingent on a satisfactory home
13
Powered by FlippingBook