When you have zeroed in on the home you truly want, then it is time to prepare a formal offer to purchase on a standard form known as the Contract of Purchaseand Sale. It is imperative that the drafting of this very critical document be done in conjunction with a real estate licensee, notary public, or lawyer.
The offer will contain all of the standard details identifying the buyer, the seller, the property, and various related details. Then it will outline the essential elements of your offer to purchase the property and all the conditions which you feel are necessary for the seller to meet in order to consummate the transaction.
You should be completely aware that once you place your signature on this document, it forms a legally binding agreement which can be enforced by law. Both the buyer and the seller will have legal obligations to fulfill under the terms of the contract and failure to do so can lead to a court date.
The offer should include:
All aspects of the offer are important but none perhaps more than the subject clauses. These conditions spell out what events must successfully occur or the transaction will not be executed. In many offers, these include the possibility of the property not passing a home inspection, or the buyer not being able to obtain suitable financing or selling a previous property.