13 Dec Elements of an offer to purchase – important elements
Elements of an offer to purchase – Important Elements
What is an offer to purchase?
You create an offer in order to purchase a home. This is normally done with the assistance of your real estate agent. The elements of an offer to purchase includes many items. Like terms, contingencies and seller disclosures. Also, with the offer is a by a pre-approval letter from your lender.
What are the most important terms in an offer to purchase?
Everything points to the financial consideration first. So, the purchase price, the amount of down payment and earnest money. Other important considerations are seller paid closing costs, closing date and who pays assessments on the property.
What are some of the other terms to consider?
The offer to purchase includes many other considerations. Like personal property that stays with the home. Or work done by the seller. Also, the type of deed provided, home warranty, time of possession and whether there are well and septic considerations. Lastly, there is type of financing used and many smaller details like loan commitment date and lender required work orders,
What are possible contingencies in an offer to purchase?
The most common contingencies are financing and inspection. First, the offer can be contingent on the buyer securing financing. Second, the offer is subject to a home inspection contingency. Also, the 10-day review of the HOA docs is a contingency. In addition, the offer could be subject to the buyer selling their home. And that is a contingency. A seller normally prefers as few contingencies are possible.
Who sees the contract after it is all signed?
Once accepted by all parties. Then everyone in the transaction gets a copy of the offer. This includes the lender and buyer and seller title companies. And finally, the buyer and seller.
Please contact The Anderson Team with any questions. We are here to help educate you through all aspects of a real estate transaction!
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