The purchase offer you submit, if accepted as it stands, will become a binding sales contract.
It is important therefore, that it contains all the items that will serve as a "blueprint for the final sale." These purchase offer items include such things as:
- Personal property, such as appliances, draperies etc.
- Address and sometimes legal description of the property
- Sale price
- Terms - for example, all cash or subject to your obtaining a mortgage for a given amount
- Seller's promise to provide clear title
- Target date for closing NOTE: If you have a mortgage, make certain that your closing occurs BEFORE the expiration date of your loan commitment and interest rate lock-in.
- Amount of earnest money deposit accompanying the offer, and whether it is a check, cash or promissory note, and how it is to be returned to you if the offer is rejected - or kept as damages if you back out for no good reason.
- Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller.
- Provisions about who will pay for title insurance, survey, termite inspections and the like.
- Type of deed to be given.
- Other requirements, which might include a chance for an attorney review of your agreement, disclosure of any now environmental hazards or other specific clauses.
- A provision that the buyer may make a last-minute walk-through inspection of the property just before closing.
- A time limit (preferably short) after which the offer will expire.
- Contingencies, which are an extremely important matter.