As part of the buyer/seller process, a prospective buyer will submit a “Proposal/Offer to Purchase” to the seller as a preliminary document, subject to final contract of sale. At this stage of the transaction process, the majority of key components of the sale are negotiated and agreed to.
The document should contain key terms regarding:
- Date, property address, buyer name and buyer address
- Terms and conditions of offer
- Offer price
- Seller monetary concessions
- Initial/additional deposits
- Buyer mortgage amount
- Contingencies – Home Inspection or Appraisal
- Sale of other property
- Inspections ordered at buyers’ expense
Upon receipt of “Proposal/Offer to Purchase”, the seller may either decline, accept or counter-offer and the process is repeated until all parties are in agreement and the transaction will proceed to final contract of sale.
Need to know more about how to understand the offers on your home? Reach out to the team at CENTURY 21® Rauh & Johns today…we’ll help you identify the best offer for your home!