The Elements of an Offer
Your Weichert Sales Associate will receive offers on your behalf and present them to you. They should contain the same basic information for easy comparison. They will all include the offer price, any earnest money deposit and the amount of down payment. An offer will also include a closing date, any details of escrow, details of items both included and not included in the sale and contingencies.
Any counteroffer can include modifications to this original agreement. Most often counteroffers include a change in purchase price, contingencies or closing date. Sometimes this can happen quickly with a few phone calls and sometimes it takes several days.
The final purchase agreement will cover all of these points and be signed by both parties. In states without an “attorney review” period, it becomes a legally binding contract as soon as it’s signed. Both parties have to adhere to the terms unless one of the contingencies is not met.