Once you have selected the home you wish to buy, you must make an offer to purchase in writing. If your offer is accepted, you and the seller will have entered into a binding contract.
The contract will govern the transaction, setting forth the rights and obligations of both buyer and seller. It is the single most important document involved in the purchase of a home. The contract will include all the terms of your purchase, such as: purchase price, earnest money, financing terms, closing date, possession date, personal property to be included in the sale, tax prorations, right of inspection, and possible contingencies, such as attorney's approval, inspection, financing, or the sale of your present home.
It is essential that you understand the terms of your offer before you enter into a binding contract. Your Exclusive Buyer's Broker or attorney can assist you in preparing your offer, and in the case of the Buyer's Broker, he or she will assist you with presenting the offer to the seller as well.