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Writing an Offer to Purchase Real Estate
When you’ve finally found a house that suits the present and anticipated needs of you and your family, the next logical step is to make an offer to purchase the property.
Making an offer is the start of what could be a long and definitely significant negotiation process. More than just telling the seller how much you are willing to shell out for the unit, an offer to purchase should clearly outline all the aspects of the payment process. An offer to purchase is almost never done verbally because of the large amounts of money involved. Almost all offers to purchase are written and carefully documented. Not only would it be easier for both parties to be aware of the conditions set forth in the transaction, it also is, to some extent, a form or protection against erroneous claims.
You can draft the conditions of your offer to purchase and once you’re fairly satisfied with what you’ve written, it is best that you present this to a real estate agent or a real estate lawyer so the document can be reviewed for errors, loopholes; be corrected and ultimately, be finalized.
Basically, an offer to purchase should specify the amount you are willing to pay, how the payment will be financed, the amount you can give as a down payment, when the down payment and the balance would be due, timetable (when you can occupy the property), terms of cancellation, and, in case disputes regarding the property come up, how these can be settled.
Don’t take the offer to purchase lightly as the contents of this document would affect your life as well as the life of the seller. You and the seller will be making future financial decisions based on what is stated in the offer that you have penned.
In addition to the offer form, other real estate forms may be needed.
Writing an offer to purchase real estate may prove to be a tedious process, but if it is done properly, it will be worth all the trouble.
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Judy Orr - Chicago Suburb Real Estate
Classic Realty Group
15545 S. 71st Ct., Orland Park, IL 60462
4223 W. 55th St., Chicago IL 60632
(708) 536-8200