Article number: | 9-014 |
The purchase contract is the most important document in any real estate sale. It must reflect the entire agreement between the buyer and the seller. This pamphlet examines issues arising during contract negotiations in residential real estate sales transactions. It focuses on "offer" and "acceptance," the process by which buyer and seller create a legal binding contract. This process typically begins when a prospective buyer makes an offer. Then the seller either accepts it, rejects it, or makes a counter offer.
The the buyer has the same options (accept, reject or make a counter offer). When one party accepts the other party's offer or counter offer, a purchase contract is created.