• is the buyer’s offer 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 offered; • becomes void if the seller makes any changes, and becomes a counteroffer, which you can accept, refuse, or change. In this last instance, which is actually quite common during this process, an offer turns into a counteroffer, which can turn 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.
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;
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