What is an Offer?

Offers blueprint the transaction by including:

Listing Information: The sales price, address of the property, and sometimes legal description.

Financial Information: Whether the sale will be completed with cash or through a mortgage, amount of the earnest money deposit, and how the earnest money deposit will be returned if no agreement is reached. Not to be confused with the down payment or deposit, the earnest money deposit is a sum of money that accompanies the offer to show the buyer that you’re serious. If your offer gets accepted, this becomes part of your down payment.

Seller’s Promise: The promise to provide a clean and free title, also what type of deed will be provided.

Party Responsibilities: Who will be responsible for costs associated with title insurance, survey, title, and inspections.

Prorations: Calculation of how taxes, utilities, and rents will be prorated. These calculations will specify how much the seller and buyer are responsible for/entitled to taxes and utilities and rent based on closing date.

State Specific Clauses: Requirements specific to the state in which the sale is taking place. For example, disclosure of specific environmental hazards.

Walkthrough Provision: Stating that the buyer is entitled to a final walk-through of the property right before the closing.

Time Limit: after which offer will become null.

Case Specific Contingencies: Offers are often contingent upon the buyer’s ability to secure a loan and the results of a home inspection. An offer could also be contingent on something like the seller leaving all furniture.

That seems easy enough, right? Maybe not, but working with a Casandra Properties, Inc. Real Estate Agent makes this process more seamless!

For more information contact our office 718.816.7799 or by email info@casandraproperties.com.