purchase offer terms outline
This document outlines the terms that are to be included in the Purchase & Sale Agreement submitted to the Seller as your official offer. Below you will find guidelines simply for reference as to what we are typically seeing in today’ s market. You must evaluate the risks and benefits with the terms and make the best offer that you feel comfortable making.
ALL BUYERS NAMES PROPERTY ADDRESS LIST PRICE PURCHASE PRICE CLOSING ATTORNEY CLOSING COSTS PAID BY SELLER CLOSING DATE POSSESSION DATE & TIME EARNEST MONEY EARNEST MONEY TIMING OPTION MONEY DUE DILIGENCE PERIOD TIME LIMIT OF OFFER seller’ s preferred closing attorney or Campbell & Brannon
$ 0( buyer is typically paying 100 % closing costs in this market) typically 30 days for conventional loan or 45 days for jumbo loan same as closing date unless seller wants temporary occupancy
homes under $ 1M = 2-5 % of price and homes over $ 1M = 5-15 %
within 3 days of binding agreement date via wire transfer you won’ t get this money back unless you close on the property
0-3 days( we will schedule inspection when you submit offer) 24 hours ending at 5pm unless there’ s differing offer instructions
EXHIBITS THAT WILL BE INCLUDED
• Legal Description
• Seller’ s Property Disclosures
• Conventional Loan Exhibit or All Cash Sale with No Financing Contingency
OTHER COMMON EXHIBITS
• Community Association Disclosures
• Temporary Occupancy
• Buyer’ s Preapproval Letter or Proof of Funds
COMMON SPECIAL STIPULATON EXAMPLES Escalation Clause, Purchase As-Is Clause, Inspection & Repairs Clause, Appraisal Waiver Clause, Deadlines Clause
Risk: When buying a home with a short Due Diligence Period, you have the right to inspect the property, but you are saying you will buy AS IS. If the inspection shows a major defect, you can terminate within the Due Diligence period and keep your earnest money. Risk: When you sign a contract with ZERO days Finance and Appraisal it means you are waiving those contingencies. If you don’ t qualify for the loan, you will lose your Earnest Money. If the home’ s appraised value is less than the purchase price, you will need to bring the difference between the purchase price and the appraisal price to the closing table. If you are unable to provide that amount in cash you will lose your Earnest Money.