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.
An Offer to Purchase Form is a legal document that contains the intent of the purchaser of real property or land to buy. Also known as Real Estate Offer Form, For Sale by Owner Offer Form, Home Purchase Offer Letter, and Real Estate Offer Letter, it is used to outline the details of a possible real estate transaction between two parties — the buyer and the seller.
An Offer to Purchase Form is used by the buyer to propose an offer on a house, land, or any private residence that is up for sale but has conditions that need to be met before a sale can transpire and be final. Using the form, conditions may be specified to set the stage for conducting a real property sale. In the simplest description, it acts as an agreement between the buyer and the seller before they proceed with the actual real estate transaction.
There are two types of offer a buyer can make in an Offer to Purchase letter; it can be a firm offer or a conditional offer. A firm offer intends to inform the seller that the buyer is willing to purchase the property without any specified conditions. If the seller accepts the firm offer, the two parties may proceed to the next process of the sales transaction without further negotiation. On the other hand, a conditional offer means that the buyer is willing to purchase the property with conditions. Necessary measures, including a home inspection, may be taken before the sale can be finalized.
Once the seller accepts the Offer to Purchase document created by the buyer, a contract for buying the property may then be created. Thus, all the conditions stated in the document must be reviewed properly by both parties to avoid future disputes and costly mistakes.
In general, an Offer to Purchase document will contain information about the buyer and the seller, such as their name, address, and contact information; the description of the real property or land to be purchased, including its official address; the price being offered for the property; investigation period; the proposed closing date and possession date; and the expiration of the offer. It may list other pertinent details on the potential sale, such as if the offer is subject to conditions that require the completion of a home inspection or a disclosure statement.
Using PDFRun’s fillable Offer to Purchase Form, you may create a legal document that lets you notify a seller of your intent to buy his or her real property or land. You may use the guide below to complete the form accurately.
The first step is to provide your (purchaser) name, the name of the seller, and the complete address of the property you wish to buy on the appropriate text boxes.
The Property asks for the complete address of the property you wish to purchase.
Purchase Price asks for the total amount you are offering to purchase the property. Under this section, you are to write important payment terms including the mode of payment, escrow, and deposits you will make.
Investigation Period asks for the total number of days upon the effect of the agreement for the seller to provide and perform all legal documentation needed for the transaction.
Closing and Possession asks for the date when the purchaser will have full possession of the property. This section also specifies the amount the seller shall pay the buyer for failure to transfer the property on time.
General Condition contains general conditions that both parties should adhere to. This may include state laws.
Offer Expiration asks for the date and the state the document was made, as well as the end date of the offer if not accepted.
To validate the document, the purchaser needs to provide his or her full legal name, phone number or email, and signature.
Once the seller has reviewed the Offer to Purchase letter, he or she can accept, request for a counteroffer, or reject the offer. He or she also needs to provide his or her full legal name, phone or email address, residential address, and signature to validate his or her response.
Acceptance by the Seller/s means that the seller accepts all the specified terms and conditions. Counteroffer by the Seller/s means that the seller accepts the offer but with modifications or changes. Rejection by the Seller/s means that the offer was refused after careful evaluation.