Due to the money involved, a real estate transaction is often the most complex deal that most people will ever face. There’s plenty of paperwork to complete, negotiations to settle, rules and laws to comply with etc. Once the ‘honeymoon phase’ of home searching ends, it’s time to suit up and get down to work before someone else beats you to your dream property.
You can’t buy a house without first making a formal offer on it. In the state of Oklahoma this offer is made in writing on a standard contract form called the Oklahoma Uniform Contract of Sale of Real Estate. It is a legal document that informs the seller about the price you’re willing to pay for the home. Once you’ve decided on a property to buy, your real estate agent will fill out this contract form and you will sign it. This is now an offer and it is then submitted to the seller or their agent. The seller can then choose to accept, counter, or reject your offer to purchase the property. Once the seller accepts your offer by signing this contract, it is said that the buyer and seller have come to a meeting of minds and an official agreement has been made between buyer and seller. That agreement is called a real estate sales contract. Continue reading “Making a Real Estate Offer: What is the Purchase Offer?”