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Making an Offer on a Home

Your offer to purchase

When you are ready to make an offer to purchase a home, you and your REALTOR® prepare a purchase and sale agreement. Your REALTOR® then insures it is presented to the seller.

There are several components of your purchase and sale agreement. These include

• the price you are willing to pay,
• a legal description of the property,
• your down payment,
• your mortgage amount with the maximum interest rate you will pay,
• the amount of earnest money,
• a closing date,
• a possession date,
• any personal property to be conveyed in the home,
• the date the offer expires, and
• type of financing you are seeking.

You may also want to include special contingencies in your offer. A contingency requires a certain act to be performed in order for the contract to take effect. Some of the more common contingencies are home inspection, clear title, acceptance of Homeowner's Association covenants and declarations, financing, repairs, environmental concerns, hazard insurance and appraisals. There are many other contingencies you may want to consider. Ask your REALTOR® to help you decide the contingencies you should select that are specific to your needs and requirements.