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A promise to do or refrain from doing something in exchange for something else. An offer must be stated and delivered in a way that would lead a reasonable person to expect a binding contract to arise from its acceptance. business law. contracts.
What do you need to make an offer on a house? The seller's name, home's address, and the name of everyone you intend to sign the deed. The price you're offering. Your down payment amount. Your earnest money deposit amount. Your mortgage pre-approval letter. Any contingencies you want to include.
The offer should include the following: Expiration date of the offer. ... Purchase price. ... Initial deposit. ... Down payment amount. ... Financing terms. ... Required home inspection. ... Contingencies. ... Warranties.
An offer is a clear proposal to sell or buy a specific product or service under specific conditions. Offers are made in a manner that a reasonable person would understand acceptance and will result in a binding contract.
An offer to purchase real estate\u2014also called a real estate purchase contract or a residential purchase agreement\u2014is a legal agreement that identifies the seller(s) and the buyer(s), but it stipulates much more than the final price.

People also ask

an offer to buy something, especially land or property, at a particular price: An offer to purchase is a written contract setting out the terms under which the buyer agrees to buy the home. Want to learn more?
Valuable Consideration The consideration is the value bargained for by the parties. Example: Tom offers Dan $10,000 to build a fence. Dan accepts, and halfway through the construction process, Tom offers Dan another $5,000 to be paid upon completion.
For the purchase of property, an offer is considered \u201cunder contract\u201d when it has been accepted in writing and signed by both parties. This written contract is called a purchase agreement.
The Purchase & Sale Agreement (P&S) is a legally binding contract that dictates how the sale of a home will proceed. It comes after the Offer to Purchase, and supersedes that earlier document once it's signed.
Many people put their first offer in at 5% to 10% below the asking price as a lot of sellers will price their houses above the actual valuation, to make room for negotiations. Don't go in too low or too high for your opening bid. If you make an offer that's way below the asking price, you won't be taken seriously.

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