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The Basics of Making an Offer on a House
August 5, 2013
By: The Realtor.com Team
Like marriage, home-buying is one part love, one part legal transaction, and it starts with a proposal. When you’re ready to buy a home, you need to make a written offer: Oral promises are not legally enforceable in real estate sales.
Realtors usually have a variety of standard forms (including Residential Purchase Agreements) that are kept up to date with the changing laws. In many states, sellers must comply with certain disclosure, and a Realtor will ensure that they do, as well as answering any questions you may have during the sale.
If you are not working with a Realtor, keep in mind that your purchase offer or contract must conform to state and local laws. State laws vary, and certain provisions may be required in your area.
Besides addressing legal requirements, the proposal should specify price and all other terms and conditions of the purchase. For example, if the sellers said they’d help with $2,000 toward your closing costs, include that in your written offer and in the final contract, or you won’t have grounds for collecting it later.
After the offer is drawn up and signed, it will usually be presented to the seller by your Realtor, by the seller’s Realtor if that’s a different agent, or often by the two together. In a few areas, sales contracts are typically drawn up by the parties’ lawyers.
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