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Buyer
name and contact information.
The offer should include the full name of all proposed buyers as well
as contact information (address, phone number, etc.). |
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Seller
and property information.
The offer should include the seller's name(s) and the address of the
property to be purchased. |
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Purchase
price and terms.
The offer should clearly state the purchase price being offered for
the property as well as any terms
that are required. |
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Deposit
information.
The offer should include a complete breakdown of any deposits as well
as a description of how they will be handled prior to closing. Typically,
a small deposit is made with the offer (or shortly thereafter), with
the balance of 10% of the purchase price due in 7-14 days. All deposits
should be held by an attorney or escrow agent and should be refundable
unless the buyer defaults on the contract. |
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Closing
date
The offer should specify the proposed closing date. Of course, the
date is approximate at this stage. |
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All
contingencies.
All contingencies
should be clearly specified in the offer. Typically, a home purchase
is subject to the buyer obtaining a mortgage and conducting a series
of inspections. The offer should specify time limits to satisfy each
contingency. |
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Contracts
and attorney review.
If the offer is not in the form of a contract the letter should clearly
state that it is subject to a satisfactory contract being drawn. If
the offer is a contract it should provide for an attorney
review period of at least three business days during which either
party may cancel. |
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