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Real Estate Word of the Day: Offer to Purchase

An Offer to Purchase is a formal, written proposal from a potential homebuyer to a seller. It outlines the terms and conditions under which the buyer is willing to purchase the property. This document is not a one-size-fits-all contract but rather a flexible instrument that can be tailored to suit the unique aspects of each real estate transaction.

Components of an Offer to Purchase
  • Purchase Price: The financial cornerstone of the offer, specifying the amount the buyer is willing to pay for the property.
  • Deposit: A demonstration of the buyer's commitment, the deposit is a sum of money that accompanies the offer. If the offer is accepted, this deposit is typically held in escrow until closing.
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