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