Elements of an Offer
There are five key components to the elements of an offer. They are:
Depending on the local market conditions and your motivation, the price you set may be different from the Buyer’s offering price. Generally speaking if you are a willing seller and they are a willing buyer, an agreement on price can be had that is reasonable for all parties.
The buyer’s deposit shows good faith and will be applied against the purchase of the home when the sale closes. This deposit can be used for legal fees incurred by you if the Buyer doesn’t close on the property as agreed.
These might include placing a requirement that the Buyer performs and is satisfied with a home inspection, or they are allowed a short period of time to ensure their financing is fully approved, or that they are able to sell their current home before closing on this new purchase.
Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house after you vacate the premises.
Closing or Possession Date
Generally, this is day the title of the property is transferred and the transaction of funds is finalized and given to you, and the property is no longer legally yours.