| The offer to purchase |
You've found the house you want--now what? Now you sit down with your agent and write an offer to purchase. Statutes require that a contract for real estate, to be enforceable, must be in writing. The offer will identify the buyer, the seller and the property. It will specify the price and the earnest money deposit. Earnest money is part of the downpayment placed in escrow by the buyer to guarantee performance. It will specify when and where the closing will occur. The contract usually requires the seller to provide a property disclosure and is contingent on the results of any inspections the buyer requests. It is also contingent on financing--the type of loan, the amount, and the interest rate are identified.
When you make an offer, the seller has three options--accept it, reject it, or counter offer. If a counter offer is made, you then have the same three options--accept, reject, or counter the counter offer.
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