Boca Raton Real Estate - Closing The Transaction

You have found the perfect Boca Raton real estate that you want to call home and are ready to write the purchase offer. But what is included in this document? The purchase offer must include the earnest money offer by the purchaser, the address of the property, the sale price, terms of the proposed sale, tentative date for closing, and any provisions the buyer would like to be a consideration for the purchase of the property, among other things. This can include such requirements as termite inspections and mold inspections. Specifics of the deed and the time limit the seller has to either accept the offer or make a counter offer are included as well. The purchase offer is only open for a short period of time.

The purchase offer is delivered to the real estate agent for the seller to consider. When the seller and their real estate agent get together, they decide if the terms of the purchase offer are acceptable to them. If so, the seller signs the agreement and it goes back to the buyer’s real estate agent. If not, they will either come up with a counter offer or they will say the price they have set is firm or that the offer is unacceptable. However, most people (especially in this buyer’s market) will allow for a little leeway.

Once the seller signs the purchase offer the time limit starts for the purchaser to get the loan approved for the Boca Raton real estate they have made the offer to buy. The buyer should already have a pre-qualification letter in hand at the time of their offer, to solidify their offer as one that is valid (and one that they can realistically afford). The purchase offer is a legal and binding contract and if the purchaser does not live up to their end of the agreement, they may forfeit their earnest money.