The Major Elements of an Offer

  1. Price

    Depends on the market and the buyers, but generally, the price offered is different from the asking price.

  2. Deposit

    The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes.

  3. Terms

    Terms include the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage, if you have an attractive rate.

  4. Conditions

    These might include "subject to home inspection", "subject to the buyer obtaining financing", or "subject to the sale of the purchaser's property."

  5. Inclusions and Exclusions

    These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

  6. Closing or Possession Date

    Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified.