The Most Important Form in Real Estate

Posted by Nick Niesen on November 8th, 2010

Those who are involved in real estate are aware that the process of transferring ownership of properties is a very sensitive matter. From the time the home owners decide to sell the house to the time you relinquish the keys to new owners, expect every step of the process to be recorded and formalized through the use of various real estate forms.

However, of all the forms home sellers will encounter, nothing will give them greater joy than the much anticipated ?offer to purchase real estate form?. Once home sellers receive an ?offer to purchase? form, it means that they one of the several buyers whom they have entertained through phone or met during one of the open house events, is seriously considering to buy the property.

The offer to purchase form is very important, not just because it could signify the start of a sale, but also because this piece of paper will have a marked effect on the lifestyle of the buyer and the seller. The offer to purchase will indicate the price which the buyer is willing to pay for the property, and will also outline how the money will be paid. The proposed down payment, deadline for payment of the balance, the method of payment (cash, bank cheque, bank transfer) and deadline of payment are but a few of the details that should be indicated in an offer to purchase form.

The details included in the offer to purchase form are not yet final. The seller, if he is not particularly pleased about the details indicated, can present their own counter offer, for the buyer?s approval. The process of sending counter offers will continue until both parties reach a compromise, or find a middle ground where both are happy and satisfied.

Though individual home buyers can opt to prepare their own offers to purchase documents, it is best that they consult with a real estate lawyer or real estate agent first, in order to verify if the format and contents conform to state or federal standards. Another option that can be taken is to use the ready-made offer to purchase forms which can be purchased or downloaded from the internet.

The ready to use offer to purchase forms are as good as those prepared by lawyers or agents. These contain all the information that are vital in the purchase transactions and follow the standard formats of traditional documents. If a particular state has a specific offer to purchase format, there are state-specific forms that can be obtained from the internet as well. Offer to purchase real estate forms can be purchased per piece or as part of a complete set. The choice on whether or not the full set or individual pieces are to be downloaded will depend on the user.

Incidentally, all counter proposals to the first offer to purchase should be recorded and attached to the first document presented to the home seller. These supplemental documents will serve as additional support and will form part of the final purchase contract.

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Nick Niesen

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Nick Niesen
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