For many potential homebuyers in South Florida the most exciting - and anxiety inducing - part of the process is submitting an offer to purchase the home of their dreams. This type of offer is usually more commonly known as a proposed purchase agreement. However, what our readers may not know is that there is much more to purchase agreements than a simple dollar figure.
The exact form of a purchase agreement varies by locality, with some areas finding pre-prepared forms more common, and others finding purchase agreements to be more akin to a fleshed-out real estate contract. In addition to the proposed purchase price, there will also usually be terms related to financing the purchase, details regarding title research and verification and a proposed closing date. Although many potential homebuyers - excited and ready to move into a new home immediately - may gloss over the details in a proposed purchase agreement, it is actually very important to review every detail.
Why is the offer such an important step? Simply put, the purchase agreement is indeed a contract, and any missteps could lead to a real estate dispute down the line. Making sure that the document has all of the terms that the buyer intends to include from the outset can be crucial in avoiding any problems later down the line.
The main goal when submitting a proposed purchase agreement to a seller is to come to an agreement. With a professionally drafted and carefully reviewed purchase agreement, the chances of getting to that agreement can be much better.
Source: www.zillow.com, "Anatomy of a Buyer's Offer," Accessed June 21, 2015