Patricia Straus Nashville Homes
Nashville Real Estate Leader
The team at Patricia Straus will put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you. If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items.
The purchase offer you submit, if accepted as it stands, will become a binding sales contract (known in some areas as a purchase agreement, earnest money agreement or deposit receipt). So it’s important that the purchase offer contains all the items that will serve as a “blueprint for the final sale.”
An earnest money deposit shows the seller that a buyer is serious about purchasing a property, also known as “good faith” money. Earnest money is typically held jointly by the seller and buyer in a trust or escrow account. When the transaction is finalized, the funds are put toward the buyer’s down payment.
You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. However, if the seller likes everything except the sale price, or the proposed closing date, or requires some change to the home, you may receive a written counteroffer including the changes the seller requires. You are then free to accept it, reject it or even make your own counteroffer.