Real Estate Term
Offer to Purchase
A formal proposal to buy a property at a specified price and terms.
What is Offer to Purchase?
An offer to purchase is the written proposal a buyer makes to buy a home, setting out the price, deposit, closing date, included items, and any conditions. Once the seller accepts and signs it, it becomes a legally binding agreement of purchase and sale. The seller can also reject it or respond with a counter-offer that changes the terms.
Frequently asked questions
Related terms
Counter-OfferA response to an offer that proposes different terms, essentially rejecting the original offer.Conditional OfferAn offer to purchase that includes specific conditions that must be met before the sale is finalized.DepositA sum of money paid as part of an offer to purchase, held in trust until closing.Multiple OffersA situation where a seller receives more than one offer to purchase their property.
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