Elements of an offer
Basic Details
This includes the address and legal description of the property, and the names of the vendor, purchaser, and brokers involved.
Price
Price is affected by the general market; location of the home, overall condition of the home, and the supply of buyers. Depending on market conditions and the opinion of your agent, the price you offer may be different from the seller’s asking price.
Inclusions and Exclusions
Items within the home that will be included in the purchase price, i.e. appliances, fixtures or decorations such as drapes or mirrors. Don’t assume anything will be left behind. If you want it, put it in writing.
Deposit
The earnest money deposit shows your good faith and will be applied against the purchase of the home when the sale closes. A larger deposit can show the seller that you are serious.
Terms
Includes the total price the buyer is offering as well as the financing details. There will also be an expiration date and time after which the offer is no longer valid.
Conditions
These contingencies can include “subject to the buyer obtaining specific financing”, “subject to the sale of the buyer’s current residence”, and “subject to a home inspection”. Many different conditions can be incorporated in the purchase offer.
Closing and Possession Date
The closing will generally occur at a local title company. All documents will be signed by both buyer and seller. Possession is usually the day of closing or within a few days after closing.