Prepared by Staff

Q. What is an offer to purchase or a contract to purchase?

A. At some point, a prospective buyer will walk through your front door and fall in love with your home. It’s a wonderful feeling to know that someone else loves your home as much as you do.

And the feeling gets better when that buyer, or another, actually makes you an offer to purchase your home.

There are three pieces to an offer: the address or description of the property; the consideration, or the price the buyer is prepared to pay; the date on which the closing will take place.

A valid offer can be written on anything, including a paper napkin, and can be written as simply as follows:

I Ilyce R. Glink, offer to buy 222 Baker Street for $100,000, to close on July 13, 1996.

Published: Aug 31, 2005