• 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. • Who will pay for title insurance, land survey, home 15
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