| A
written proposal is the foundation of a real estate
transaction. Therefore, you need to enter into a written
contract, which starts with your written proposal. This
proposal not only specifies price, but all the term
and conditions of the purchase. There are a variety
of standard forms used by real estate agents and bound
by both the law and local practice. After the offer
is written and signed, it will be presented to the seller
by your real estate agent in the presence of the seller’s
agent, or by the seller’s agent alone.
What the offer contains
The purchase offer you submit, if accepted as it is
written, will become a binding sales contract (know
as a purchase agreement). It is important that it contain
all the items that will serve as a "blueprint for
the final sale." The purchase offer ncludes such
items as:
• Address and legal description of the property
• Sale price
• Terms: for example, all cash or subject to the
buyer obtaining a mortgage for a given amount
• Seller’s promise to provide clear title
(ownership)
• Target date for closing
• Amount of earnest money deposit accompanying
the offer, and whether it will come in the form of a
check or cash. Also included may be the disposition
of the deposit should the buyer back out of the deal
at a later date.
• Method by which real estate taxes, rents, fuel,
water bills and utilities are to be adjusted (prorated)
between buyer and seller
• Provisions about who will pay for title insurance,
survey, termite inspections and other details
• Type of deed to be given
• Other requirements such as disclosure of specific
environmental hazards, seismic hazards or other locally-specific
clauses
• A provision that the buyer may make a final
walk-through inspection of the property just before
closing
• Any contingencies
Contact
us for more info on making an offer on real estate in
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