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What are the most important aspects of an Offer to Purchase?

Besides all the standard clauses that exist in the pages of the AREA Offer to Purchase (that protect a buyer and a seller) there some fillable components that are unique to every single buyer and seller. Now you might be wondering why there would be some clauses in there for a seller since it's typically the buyer that fills it out and submits the contract so let's start there.

A seller may have some things that they need to accomplish before they can finalize the sale, the most common one would be that they need to find a place to live. Another common one could be that they need to finalize the probate of the property before they can hand over title to a new owner. And just like the buyer there could be a myriad of any other reasons that may be necessary before a seller could let go of their property. 

The most important things for a buyer to consider when they put in an offer on a property that they're interested in are, purchase price, possession, terms and conditions, and how long they want to give the seller of the property to respond to this offer. The purchase price is something that you can determine with your realtor based on comparables, condition of the property, and the location. The possession can be important and work flexibly with your time frame, some things to take into consideration are, if you have an interest rate hold locked in, you will likely need to take possession before that expires.  If you are renting prior to this purchase you can often coordinate when you would have to give notice with when you would take possession and potentially save yourself a month's worth of expenses which can help with moving and closing costs. It also may be a great opportunity for negotiation if possession is incredibly important to the seller and you're a little bit more flexible as the buyer. Terms and conditions of the offer are probably the most important aspect and the more your real estate professional understands about what your needs are about that house or condo they can protect you in making sure that you have all the questions answered prior to moving forward with removing those conditions. A term is something in a contract that you would request or require the seller to have completed prior to you taking possession but it doesn't have to be done before you will move forward with knowing that this is the property you're going to purchase. Typical conditions include, financing, property inspection, title review and insurance review. If you're purchasing a condo or any type of home ownership that has a condo or home owner association component, you will also want to have a condition in there to review all the condo or HOA docs which can include the bylaws, the rules and regulations, the insurance certificate, the financial health of the condo and if there are any special assessments required, they're likely noted in past minutes of the condo. The conditions are all things that you want answers to prior to moving forward with the purchase of the property. You may have some interest in understanding what type of zoning is allowed if you want to do something specific with the property like a home-based business. You may want to build a secondary dwelling on the property so you may have a condition to get confirmation from the municipality that that is allowable before you remove conditions. Those are typical additional conditions  but there are always things that may be specific to your needs and they can be added to a contract to ensure that you move forward with the purchase if, and only if, all of what you need is able to be done. An important thing to remember about a contract to purchase and sell, it is between the buyer and the seller so any of the conditions, terms, standard clauses can be amended to whatever the buyer and seller agreed to.

With a professional realtor, you can feel confident that you are purchasing the property that fits all of your requirements and that the contract to purchase and sale you enter in to, protects you fully whether you are the buyer or the seller.

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