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Writing an Offer to Purchase

Congratulations! You have chosen yourStandard Clauses or Standard addendums,
favorite home in your home buyingthen it can be advisable to rely on the
adventure. Now, you can write up theexperience and expertise of a good
contract or head back to the office.lawyer and sometimes a good realtor,
The following really depends on the areawhen as typically allowable in many
so check with local professionals deemedstates. Be cautioned that a realtor is
by local (sometimes national)often not trained specifically in
governments to be the appropriatecontract writing and will often if not
professionals for consulting and doingalways be trained to disclose this fact
real estate transactions, includingand of disclosure to seek the
disclosure for appropriate professionalsappropriate professionals in each field
in all areas of expertise.of expertise along the way that you
In most cases, you will need what ismight need.
called Earnest Money. A personal check,- A lawyer or in areas where admissible,
cashiers check or cash, typically in thea realtor or local deemed professional
amount of 1% of the purchase pricecan help in writing a contract and in
(depends upon the area), which isnegotiating offers. The right
deposited into the brokerage trustprofessional will make sure you are
account or a title company (depends uponrepresented on paper well... this is the
the area), and credited to your purchasehallmark of good representation. The
(may depend upon the area) uponhallmark comes from the historically
successful closing of this transaction.supported law adopted by almost all the
Standard Real Estate Purchase Contractstates taken from England called the
Several elements can be included duringstatutes of frauds. This grand maxim
your written contract. One good piecesays that "if it is not in writing it
of advice would be to use the standarddoes not exist". As such, it should be
Real Estate Purchase Contract that isnoted that a good lawyer or realtor will
used for your state. Local governmentspush for even minor details to be on
and appointed agencies governing thosepaper.
applicable contracts will have a large- Your offer is presented, negotiated
body of law and wisdom governingand upon "complete agreement between the
transactions in each particular state.parties in writing about the purpose and
If you draft your own contract, ratherterms of the contract" and
than using the state sponsored ones, you"communication back to the party making
may be really going out on a limb bythe offer ", the contract becomes
using something that is not proven tobinding. The definition of "Acceptance"
avoid problems.and the type of "Communication" needed
- Another thing to remember, involvesin order to make it a valid and binding
situations falling outside the normalcontract, may vary depending on state or
used contracts, but still common enoughcounty definitions and laws. So,
that the governing body, used to help inconsult with your appropriate local
the formulation of addendum writing orprofessionals.
additions to the standard contracts, hasNow that you have an accepted offer,
come up with Standard Clauses orsome tasks lie in front of you to keep
'Standard Addendums'. In suchyou in the keeping of your contract.
instances, it has often turned out to beThese tasks or detailed steps may vary
very protective to use the languagefrom state to state or county, but
governed by each state, rather thanusually include the following:
making up your own language that whenApplication for a Loan, Sellers
checked in a legal sense, is full of allDisclosures, Escrow/Title Co.
kinds of ambiguity and inconistency.Coordination, Deadlines and events to
You may even have misunderstandingsinclude Evaluations & Inspections,
thinking the other side knows what youSettlement Deadline, Closing and final
are saying, when they are reading aTaking of Possession. Your realtor
whole different scenario into what youlawyer can help guide you through all of
have written. Having the appropriatethe deadlines, responsibilities,
realtor or lawyer, depending on which isinspections, and disclosures towards a
required for each state can help yousmooth, seamless and successful
know what these clauses and addendumssettlement and closing of your home
are.purchase!
- For situations that don't have



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