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Sales Contract Forms for Your State
An offer in a Real Estate purchase is a good deal different than one
in other negotiations in which you many participate. A Real Estate offer can become a legally binding contract:
If you offer to buy a house at a certain price and with certain terms, and the seller agrees and notifies you of
their acceptance, you have bought a house! Yes, the closing and escrow details may still need to be finalized,
but an offer can turn into a contract in a matter of hours, so it is important that you understand the potential
consequences of an offer.
Always put it in writing.
Any verbal offers, counteroffers, or acceptances will be virtually impossible to legally enforce, since it would
be nothing more than your word against someone else's. Written offers remove almost all doubt because they cannot
become contracts (and therefore binding) until seen by, and accepted through signatures of all parties.
Be specific.
A Real Estate offer is a great deal more than simply an offer of price. All details of the eventual sales contract
must be addressed in the offer. Generally included (but not limited to) are:
- Sales price
- Any concessions made by the seller
- The amount of buyer's "earnest money" or deposit that accompanies
the offer.
- Financing contingencies (subject to you securing an acceptable mortgage)
- Inspection contingencies (subject to an inspection report that is acceptable
to you)
- Time and date of settlement and possession
- All exclusions and inclusions in the property. It is much better to
be specific here rather than assume that an item will be included, only to have an unhappy surprise on the day
of closing.
When does an offer become a contract? When it has been submitted to the seller, accepted by the seller, and you have been notified
of its acceptance. Up until that point it remains only an offer or counteroffer, not an enforceable contract.
If you are looking for the format of an Real Estate Contract for your state, FindLegalForms.com has the following
forms available for sale:
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