5. Receive an offer. When you receive a written offer from a potential buyer, I will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then we will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:
Legal description of the property
List of fees and who will pay them
Deposit amountInspection rights and possible repair allowances
Method of conveying the title and who will handle the closing
Appliances and furnishings that will stay with the home
At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it.
Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with me right away.