Your purchase offer can be considered a “blueprint for the final sale” of a home. It contains all of the items that will serve as a guide to the final agreement, including things such as the purchase price offered, the down payment, the loan amount, the deposit, and contingencies.
If the seller agrees to almost everything and wants to further negotiate a term, you will most likely receive a written counteroffer with the changes the seller prefers. You are then free to make changes in your own counteroffer. Each time either party makes any change in the terms, the other side is free to accept or reject it, or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side’s proposal. READ MORE