Seller contribution towards your closing cost (represented as a whole dollar amount or percentage of the purchase price)
Amount of EMD (earnest money deposit)
How the transfer tax will be paid (typically they are split between buyer and seller 50/50)
Any state specific requirements
Deadline dates for
Firm loan commitment
Provision for buyer to complete a final walk through just prior to closing day
Contingencies – these are typically items that you are requiring to go through with the purchase, only if that event occurs. The two most common contingencies are:
Financing contingency – As a buyer you must be able to get financing from a lender and if you can’t secure the loan you will not be bound by the contract.
The home inspection – The property must get a satisfactory report by the home inspector you chose. Typically this must happen within 10 days of the offer. If there are items that require repair the seller has the options of repairing these identified items, reducing the sales price for the estimated price for the repair or cancelling the contract if they are unwilling to make the necessary repairs.
If the seller accepts all the terms of your proposal, you will have a binding contract.
Each time either party makes a change in the terms the other side is free to reject, accept or make another counter offer.
Your real estate agent should evaluate all of the terms in the offer and counter offer because as soon as both parties accept the written offer, you have a binding legal contract.