An offer to purchase spells out all of the details of the transaction. If, for example, you want to be sure that the window treatments are included in the purchase, that intention must be specified in your originaloffer. A verbal agreement is not enough.

An offer to purchase typically includes:

• The buyer’s name and statement of intent to purchase the property
• The address of the property
• The purchase price and how it is to be paid (e.g., amount of earnest money, where it will be deposited, amount of down payment, amount of mortgage, terms of the loan, etc.)
• A provision for the closing of the transaction and the transfer of possession of the property to the buyer by a specific date
• A provision for title evidence
• Dated signatures of all parties
• An expiration date and time (at which point the offer will no longer be valid if the seller has not responded with either an acceptance or a counteroffer)
• All contingencies (e.g. financing, flood plain search, etc.)

It may also include :

• Personal property included in the transaction (e.g., refrigerator, dining room chandelier, storage units in the garage, etc.)
• Any real property to be removed by the seller before closing (e.g., a storage shed)
• The transfer of any applicable warranties
• The identification of any leased equipment that must be transferred to the purchaser or returned to the lessor (e.g., a water softener or security system)
• Closing or settlement instructions
• The transfer or payment of any outstanding taxes or special assessments
• The buyer’s right to inspect the property shortly before closing

Any offer may be revoked at any time before it has been accepted. Once the seller acknowledges acceptance of the offer by signing it, the offer to purchase becomes a valid sales contract.

Counter Offers

Just as you don’t have to offer the list price for the home, neither does the seller have to accept your offer. Some home sales involve a process of offers and counteroffers until both parties are satisfied with the price and terms. A counter offer is a new offer, and it voids specific terms of the original offer. The buyer may then accept or reject the counter offer. He/she can continue the process with another counter offer.

• During this process, your F. C. Tucker Emge REALTOR will serve as an advocate working for you.
• Like the original sales contract, counter offers should be submitted in writing with a specified expiration date and time. They become valid contracts when they have been signed by both parties.
• Your F. C. Tucker Emge Realtor will help you manage the offer and counter offer process, making sure your needs and interests are well represented.