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Offer to Purchase Real Estate

THIS OFFER TO PURCHASE REAL ESTATE (the "Offer") dated this 20th day of September, 2017

IS MADE BY:


_________________________ of _________________________
(the "Buyer")

OF THE FIRST PART

- TO -

_________________________ of _________________________
(the "Seller")

OF THE SECOND PART

Background

The Buyer wishes to submit an offer to purchase a certain completed home from the Seller under the
terms stated below.

IN CONSIDERATION OF and as a condition of the Seller selling the Property and the Buyer purchasing the Property (collectively the "Parties") and other valuable consideration the receipt of which is hereby acknowledged, the Parties to this Offer to Purchase Real Estate agree as follows:

  1. Real Property
  2. The legal description of the Property is as follows: ___________________________________________________________________________________________________________________________, which includes the fixtures and improvements located on the Property that are listed within this Offer. All property included within this Offer is referred to as the "Property".
  3. Sales Price
  4. The total purchase price of $0.00 (the "Purchase Price") that is to be paid for the Property by the Buyer is payable as follows:
    1. The initial earnest money deposit (the "Deposit") accompanying this offer is $0.00. The Deposit will be paid by cash on of before September 20, 2017. The Deposit will be held in escrow by __________ until the sale is closed, at which time this money will be credited to the Buyer, or until this Offer is otherwise terminated; and
    2. The balance of the Purchase Price will be paid in cash or equivalent in financing at closing unless otherwise provided in this Offer.  The balance will be subject to adjustments.
  5. Closing & Possession
  6. The Closing Date will be on or be prior to September 20, 2017 or at such other time agreed by the Parties, at which point the Buyer will take possession of the Property.
  7. Notices
  8. All notices pursuant to this Offer must be written and signed by the respective party or its agent and all such correspondence will be effective upon it being mailed with return receipt requested, hand-delivered, or transmitted by facsimile as follows:

    Buyer
    Name: _________________________
    Address: _________________________
    Phone: __________

    Seller
    Name: _________________________
    Address: _________________________
    Phone: __________

  9. Severability
  10. If any terms or provision of this Offer will, to any extent, be determined to be invalid or unenforceable by a court of competent jurisdiction, the remainder of this Offer will not be affected and each unaffected term and provision of this Offer will remain valid and be enforceable to the fullest extent permitted by law.
  11. Interpretation
  12. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Offer. Words in the singular mean and include the plural and vice versa.  Words in the masculine gender mean and include the feminine gender and vice versa.  Words importing persons include firms and corporations and vice versa.
  13. Time of Essence
  14. Time is of the essence in this Offer.  Every calendar day except Saturday, Sunday or US national holiday will be deemed a business day and all relevant time periods in this Offer will be calculated in business days. Performance will be due the next business day, if any deadline falls on a Saturday, Sunday or US national holiday.  A business day ends at 5 p.m. local time in the time zone in which the Property is situated.

Buyer's Offer

This is an offer to purchase the Property on the above terms and conditions. The Seller has the right to continue to offer the Property for sale and to accept any other offer at any time prior to acceptance by the Seller.  If the Seller does not accept this offer from the Buyer by September 20, 2017, this offer will lapse and become of no force or effect.

Buyer: ____________________________
Buyer's Name: _________________________
Address: _________________________

Date: ____________________________
Phone: __________

Marital status: ___Single ___Married ___Separated ___Divorced ___Co-ownership
Social Security #: ____________________


Seller's Acceptance/ Counter-Offer/ Rejection

_____Acceptance of offer to purchase:  The Seller accepts the foregoing offer on the terms and conditions specified above, and agrees to convey the Property to the Buyer.

_____Counteroffer:  The Seller presents for the Buyer's Acceptance the terms of the Buyer's offer subject to the exceptions or modifications as specified in the attached addendum.

_________________________
Seller's Signature

_________________________
Date

_________________________
Time

_____Rejection:  The Seller rejects the foregoing offer.

_________________________
Seller's Signature

_________________________
Date

_________________________
Time





Seller: ____________________________
Seller's Name: _________________________
Address: _________________________

Date: ____________________________
Phone: __________

Marital status: ___Single ___Married ___Separated ___Divorced ___Co-ownership
Social Security #: ____________________

Offer to Purchase Real Estate

Other Names

An Offer to Purchase Real Estate is also referred to as:

  • Real Estate Offer Letter
  • Real Estate Purchase Agreement
  • Building Purchase Contract
  • Home Buyer's Offer Letter

What is an Offer to Purchase Real Estate?

An Offer to Purchase Real Estate is a legal document used by someone who wishes to place a bid on a house or other private residence that is for sale. The document contains a description of the property for sale, the price being offered for the property, the proposed closing date and possession date, and other important details concerning the potential sale.

What types of offers are there?

An Offer to Purchase Real Estate can be a firm offer or a conditional offer.

A firm offer means the buyer is willing to purchase the property without any specified conditions. If the seller accepts a firm offer, the transaction can be completed without further negotiation.

A conditional offer requires that one or more prerequisites be fulfilled before the purchase can be made official.

What conditions can be placed on an offer?

Here are some of the conditions a buyer may include in an Offer to Purchase Real Estate:

  • A property appraisal: confirms the buyer isn't paying significantly more than the property is worth
  • A home inspection performed by a licensed inspector: discovers any damage or defects in the house and attached building.
  • A title search: verifies the property has no liens against it or any other ownership issues that could impact the sale
  • Buyer must sell their existing home before the purchase can be completed
  • Buyer must receive mortgage approval from a bank or other lending institution before the transfer of property takes place
  • Seller must arrange to have specific things done to the property before the buyer takes possession: painting, carpet cleaning, repairs, etc.

Why should I use an Offer to Purchase Real Estate?

Using an offer letter lets a potential buyer bid on a property without fully committing until all of the conditions are met. It also helps the seller to determine whether or not they are able to meet the terms of the conditional offer, which can save both parties time and help to avoid potential issues in the future.

Forms related to an Offer to Purchase Real Estate

  • Real Estate Purchase Agreement: a sales contract used specifically for a private residential property sale
  • Land Contract: a contract used for a property sale where the seller provides financing to the buyer for the purchase
  • Mortgage Agreement: a contract used when a buyer is taking out a mortgage with a private lender

Frequently Asked Questions:

Offer to Purchase Real Estate FAQ
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