Sun Realty, Punta Gorda, FL 33950June Poliachik, Realtor CDPE, SFR
Cell: (914) 916-0100

  Now that you have found the home you want, how do you structure and offer to purchase?
Once you have found a home you wish to purchase, your agent will submit an offer on your behalf. Offers and counter-offers may be submitted verbally or in writing. The initial offer is usually submitted in writing (especially in a multiple-offer situation) as an "Offer to Purchase" prepared by your agent.

Terms of your offer usually include:

  1. purchase price,
  2. personal property to be included,
  3. projected closing date,
  4. conditions and contingencies (inspections, financing, etc.)

Subsequent counter-offers are often presented verbally. When you have reached an agreement with the seller on all terms you now have an Acceptable Offer (A.O.).

What happens after you have an Acceptable Offer? Once an A.O. is reached, a written Memorandum of Agreement is usually drafted by the seller's agent, stating the terms of the agreement; copies are distributed to the seller, the seller's attorney, the buyer, the buyer's attorney, and both real estate agents. No earnest money deposit is exchanged at this time. The typical time frame from agreement to closing is approximately 60 days. Of course, many factors can affect this time frame, including specific needs of the buyer and/or seller.

From an Acceptable Offer to Contract
After reaching an A.O., you (the buyer) are given a limited time period during which to conduct an engineer's inspection and other desired and/or required inspections (assuming that an inspection contingency is part of the agreed-upon offer). This period is usually 10 days or less. During this period, the seller has only a verbal, non-binding agreement to sell the property to the buyer; the seller, in the meantime, is free to listen to, negotiate, and/or accept other offers. It is, therefore, imperative that you (the buyer) conduct all inspections in good faith and in a timely fashion. A binding contract will generally not be written until after inspections have
been completed.

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