The written offer you submit to a seller becomes a binding sales contract if the owner accepts. Your Kentwood agent will ensure that your offer is complete and serves your best interests.
Your offer includes:
- Address and legal description of the property
- Price you are offering to pay for the property
- Terms such as "all cash" or "subject to you obtaining a mortgage for a given amount"
- Anticipated closing date when title will be transferred
- Earnest money accompanying the offer and cash-at-closing balance required, as well as the form it is in, i.e. check or promissory note
- Contract provisions stating which party is responsible for the title insurance, survey, property inspections and similar expenses
- Type of deed to be conveyed
- Other requirements specific to your sale. These might include special inspections, tax advice, or occasionally, attorney review, disclosure of specific environmental hazards, or other state-specific requirements
- A provision that the buyer may make a last-minute walk-through inspection of the property just before closing
- A time limit after which the offer will expire
- Contingencies that state the sale will only go through if certain conditions are met
- Common contract contingencies include the buyer obtaining specific financing from a lending institution, a satisfactory report by a home inspector, and an appraisal for at least the value of the contracted price