Elements of an Offer
Price
The amount you are willing to pay for the property. I will guide you with relevant market data and experience to figure out the best price for you.
Deposit
The deposit amount is a sign of good faith that you are going to complete the agreement and pay for the rest of the purchase price. The deposit amount is credited towards the purchase price on closing. Depend on the price of the home you are buying, I can advise you as to the proper amount.
Terms
Includes the purchase price and financing details.
Conditions
There are times when an offer is submitted where conditions are included for either the Seller, the Buyer, or both. These conditions can include a home inspection clause, securing financing, the sale of another property, making sure the well and septic systems are in good working order. Conditions are used to protect parties so that they have time to assure themselves that they can fulfill the agreement.
Inclusions and Exclusions
Often a home is sold with appliances, furnishings, pool equipment, light fixtures or other decorative items. All items that are staying with the property are clearly spelled out so that all parties involved know exactly what is staying and what is going to the old owner. It is important to have the right professional protecting your interests.
A Conditional Offer
A Conditional Offer has one or more conditions that need to be fulfilled in order to firm up on the deal. These conditions could be subject to a home inspection, subject to finalizing financing, or on the sale of a purchaser’s property just to name a few. In the case of a conditional offer, the property is not sold until the conditions have been met.
Once the offer is prepared and signed, I will present at the earliest convenience. The Seller may accept the offer, reject it outright, or submit a counter-offer also known as a sign back. In the case of a sign back, the Seller is making an offer to you based on the offer you submitted but with some changes. These changes could include price, closing date, a change in the conditions or other changes to the terms. The offer can go back and forth until it is accepted or one of the parties involve breaks off the negotiations.
