There are three key criteria for a valid offer.
Must be in writing
Be definite and certain
Express a willingness to contract
If you have filled in the purchase price, the closing date, and the other important information called for by the pre-printed form, the buyer's offer will satisfy this requirement.
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third- buyer is willing to contract
This means the offer must make it clear that the buyer is willing to enter into a binding sales contract with the seller. Again, a properly filled out pre-printed form will satisfy this requirement.`
There are 3 problem areas that you should pay close attention to.
1. Property description
2. Method of payment
3. Contingences
Property Description
The property must be correctly described for the offer and the resulting sales contract to be enforceable.
Make sure the property's legal description is accurate and complete.
Method of payment
The offer should state how the buyer is intending to pay for the property.
Even if the buyer does not know all the details of the financing, the basics should be included, such as the amount of the downpayment and whether the buyer will get an institutional loan or needs seller financing.
Contingences
Any special conditions or contingencies required by the buyer must be noted in the offer.
For instance, if the buyer needs to sell his current home before he can purchase the new home, the offer should include a provision that makes it contingent on the sale of the current home.
You should talk to a real estate attorney under any of the following circumstances:
- You have a question and your designated or managing broker is not available.
-You and your designated or managing broker have discussed your question and he thinks that
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As you go through the offer, be sure to explain the following items:
- the closing date and date of possession;
- the list of included items�items that will be included in the sale and transferred to the buyer;
- any conditions or contingencies, such as a financing or inspection contingency; and
- any obligations the seller would be required to fulfill prior to closing, such as repairs or cleanup
The last of these options, the contingent counteroffer, is often called a back-up offer.
The seller would agree to sell the property to this second buyer only if the first transaction did not close.
Withdrawing a counter offer
A counteroffer can be withdrawn orally�either in person or by phone�but it's best to do so both orally and in writing
Like any offer, a counteroffer can be withdrawn at any time before acceptance is properly communicated.
Note that if you used the counteroffer form we just discussed, a counteroffer can be withdrawn at any time before the counterofferee delivers a signed copy of the counteroffer to the counterofferor's agent or that agent's office.
If the counterofferee has signed the counteroffer, but has not delivered it to the counterofferor's agent or his office, the counteroffer can still be withdrawn.