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 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 break a home purchase deal, but what does it mean? If you’re confused by the term, you’re definitely not alone.
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