Elements of an Offer
Whether you are buying or selling a home, at some point you will either be making or receiving an offer on a home. Below is a quick reference to basic terms involved in an offer. Your Realtor will help walk you through the offer process.
PRICE: The amount being offered for the property.
DEPOSIT: Demonstrates that the buyer is making a serious offer and is a show of good faith. The deposit will be put towards the price of the home when the sale closes. Your agent can assist you in determining a fair amount.
TERMS: Includes the total price the buyer is offering and financing details.
CONDITIONS: Factors that might affect when a sale is considered complete and may include being subject to "a home inspection," "financing" or others.
INCLUSIONS OR EXCLUSIONS: Referring to what appliances, lighting fixtures, and window coverings etc. are included or excluded from the home purchase.
CLOSING OR POSSESSION DATE: Typically, this is the date when the property title is transferred to the buyer and the seller receives the funds.