{"id":12184,"date":"2010-06-04T17:09:57","date_gmt":"2010-06-04T17:09:57","guid":{"rendered":"https:\/\/staging.iconitrax.com\/RonQuilario\/blog\/index.php\/2010\/06\/04\/what-the-purchase-offer-contains\/"},"modified":"2025-04-17T08:40:21","modified_gmt":"2025-04-17T15:40:21","slug":"what-the-purchase-offer-contains","status":"publish","type":"post","link":"https:\/\/www.crestico.com\/blog\/what-the-purchase-offer-contains\/","title":{"rendered":"What The Purchase Offer Contains"},"content":{"rendered":"
Lately, I have been getting asked many questions about what it takes to buy a home and how to start the process.\u00a0 So, today, I thought I would write on what exactly an “offer” is comprised of.\u00a0 This year, the California Realtor Association has re-vamped the “offer” form, also know as the “Residential Purchase Agreement.”\u00a0 I thought it would be particularly helpful to go over some of the\u00a0key components and aspects\u00a0an offer to purchase a property.<\/div>\n
\n

In Real Estate<\/a>, oral contracts are not legally binding. If you wish to bid on a property, you must make a formal, written offer or proposal.\u00a0 Your Crestico sales professional is experienced with the offer\/counter-offer process, and will know which of a variety of standard proposal forms are suitable for your area. Once written, your Sales Professional will present your offer to the seller. (In some cases, this is all handled by the respective parties\u2019 lawyers.) We have provided the basic information needed during this critical phase here.<\/p>\n

What the Offer Contains \u2013 Your written proposal may include, but is not limited to, the property\u2019s address and legal description, sale price, terms, earnest money, expiration date of the offer, prorating (adjustments) of utility bills, real estate taxes, insurance, contingencies, repairs and any other terms that you deem important.<\/p>\n

Earnest money \u2013 Earnest money is a deposit given when making an offer. It demonstrates sincerity\u2014\u201cearnestness\u201d\u2014on the buyer\u2019s part. If the offer is accepted, it becomes part of the down payment. If not, it is usually returned.<\/p>\n

Contingencies \u2013 A contingency means that the purchase is subject to certain events occurring, such as the buyer\u2019s loan being approved, or the property passing the termite inspection. If the contingencies aren\u2019t met, the offer is void.<\/p>\n

Response \u2013 If the seller accepts the offer, and signs an acceptance, you have a deal. If not, you are free to walk away, and cannot be held liable for the contract. The seller may make you a counter-offer, and you are free to accept it or not, or make your own counter-offer. Only when an offer is accepted and signed by both parties is the contract binding.<\/p>\n

Withdrawing an offer \u2013 In most cases you can withdraw your offer up to the point when it is accepted. If you do wish to cancel the offer, it\u2019s a good idea to consult with a real estate lawyer. You don\u2019t want to lose your deposit, or be sued for damages perceived by the seller.<\/p>\n

Mitra Karimi
\nCrestico, Inc.
\nhttp:\/\/www.crestico.com<\/a>
\nmitra.karimi@crestico.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Lately, I have been getting asked many questions about what it takes to buy a home and how to start the process.\u00a0 So, today, I thought I would write on what exactly an “offer” is comprised of.\u00a0 This year, the California Realtor Association has re-vamped the “offer” form, also know as the “Residential Purchase Agreement.”\u00a0 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[154,28,10,9,12,155],"class_list":["post-12184","post","type-post","status-publish","format-standard","hentry","category-crestico","tag-california-realtor-association","tag-contract","tag-estate","tag-property","tag-real","tag-residential-purchase-agreement"],"_links":{"self":[{"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/posts\/12184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/comments?post=12184"}],"version-history":[{"count":0,"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/posts\/12184\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/media?parent=12184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/categories?post=12184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.crestico.com\/blog\/wp-json\/wp\/v2\/tags?post=12184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}