What the offer contains

What terms are stated in the home purchase offer in Lynchburg Va

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.

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