The Simple Offer To Purchase Real Estate Form is a fundamental document in U.S. real estate transactions, serving as the initial step in formalizing a property purchase. This document is used when a potential buyer wishes to present a formal offer to purchase real property, whether residential or commercial. It includes essential elements such as property description, purchase price, earnest money details, contingencies, and proposed closing date. The form must comply with state-specific real estate laws and federal regulations, including the Fair Housing Act and RESPA. It typically precedes the more detailed purchase agreement and can be modified through counteroffers until both parties reach mutual acceptance.
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1. Parties: Identification of buyer and seller with legal names and addresses
2. Property Description: Legal description of the property being purchased, including address, lot number, and any relevant property boundaries
3. Purchase Price: Agreed purchase price and payment terms, including method of payment and any deposit requirements
4. Earnest Money: Amount and terms of earnest money deposit, including where it will be held and conditions for return or forfeiture
5. Closing Date: Proposed date of closing and transfer of property, including any time extension provisions
1. Financing Contingency: Terms and conditions related to the buyer's ability to secure mortgage financing, including deadline for obtaining financing approval
2. Inspection Contingency: Terms for property inspection, timeline for completing inspections, and process for addressing any issues discovered
3. Sale Contingency: Conditions related to the sale of buyer's current property, including timeline and terms for this contingency
4. Title Insurance: Requirements and terms for title insurance, including which party will bear the cost
5. HOA Documentation: Details regarding any Homeowners Association rules, fees, and required documentation
1. Schedule A - Property Inventory: Detailed list of included fixtures, appliances, and personal property items included in the sale
2. Schedule B - Seller's Disclosure Statement: Mandatory disclosure of property condition, known defects, and other material facts about the property
3. Schedule C - Lead Paint Disclosure: Federally required disclosure and acknowledgment for properties built before 1978
4. Schedule D - Inspection Report: Findings from property inspections and any agreed-upon repairs or credits
Relevant legal definitions
Property
Purchase Price
Earnest Money
Closing Date
Effective Date
Due Diligence Period
Business Day
Closing Costs
Title Company
Deed
Fixtures
Personal Property
Contingencies
Escrow Agent
Default
Good Faith Deposit
Inspection Period
Settlement Statement
Title Insurance
Zoning Classification
Permitted Use
Real Property
Survey
Purchase Price
Earnest Money
Closing Date
Effective Date
Due Diligence Period
Business Day
Closing Costs
Title Company
Deed
Fixtures
Personal Property
Contingencies
Escrow Agent
Default
Good Faith Deposit
Inspection Period
Settlement Statement
Title Insurance
Zoning Classification
Permitted Use
Real Property
Survey
Clauses
Property Description
Purchase Price
Payment Terms
Earnest Money
Due Diligence
Inspection Rights
Title Insurance
Closing Conditions
Contingencies
Property Condition
Representations and Warranties
Default and Remedies
Risk of Loss
Property Access
Closing Costs
Agency Disclosure
Assignment
Time of Essence
Notices
Governing Law
Counterparts
Severability
Acceptance Period
Property Disclosure
Environmental Conditions
Purchase Price
Payment Terms
Earnest Money
Due Diligence
Inspection Rights
Title Insurance
Closing Conditions
Contingencies
Property Condition
Representations and Warranties
Default and Remedies
Risk of Loss
Property Access
Closing Costs
Agency Disclosure
Assignment
Time of Essence
Notices
Governing Law
Counterparts
Severability
Acceptance Period
Property Disclosure
Environmental Conditions
Relevant Industries
Relevant Teams
Relevant Roles
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