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Offer To Purchase
In real estate, an offer to purchase is a commitment by a buyer to enter into a contract of sale for a property. The offer is often accompanied by a substantial good faith deposit, in which the buyer declares interest. It demonstrates to the seller that the buyer is seriously interested in purchasing the property and is willing to secure that interest with a deposit. Acceptance of the offer by the seller does not create a contract between the two parties. An offer to purchase real estate includes not only the price the buyer is willing to pay, but details on how he or she intends to finance the home, down payment amount and closing costs. A copy of the accepted offer must first be sent to the buyer who made the offer. The offer to purchase is the first step towards securing a sales contract for the property.