Once you are ready to make an offer, your Diane Turton, Realtors sales associate will provide you with a contract to sign. Please note that an offer to purchase real estate, if accepted by the seller, is a legally binding contract. If the seller accepts the offer (and the buyer is so notified) then a legally binding contract has most likely been struck.
Some of the items that need to be addressed in an offer are:
• The proposed purchase price
• Any concessions the buyer wants the seller to make
• Any financing contingencies (e.g., subject to buyer’s ability to obtain a satisfactory mortgage)
• Any home inspection contingencies (e.g., subject to an acceptable whole house inspection report)
• A clear definition of precisely what is to be included in the sale, such as lighting fixtures, large appliances, and swing sets
• The amount of earnest money (buyer’s deposit) that is being tendered with the offer
• Desired closing date
• Items that are specifically excluded by the seller (e.g. washer/dryer, chandelier, refrigerator, or playhouse, etc.)
Before the deal can be closed, both parties now need to go through the process known as 'attorney review'. Typically three business days in duration, this process allows attorneys (or the parties themselves, if they are acting as their own attorneys), to examine all fully executed contracts and to ensure that all documents are in place to ensure a successful sale.