Information for Home Buyers Whose Proposal To Purchase a Home Has Been Presented to the Seller
Negotiations to purchase a home begin when the Buyer presents a written proposal to purchase the Seller’s home. Rather than accepting the offer, the Seller may make a counter-offer to the Buyer. The offer may go back and forth until all terms have been agreed to in writing by both parties and the document delivered to both Buyer and Seller or their Broker as authorized.
At this point, the offer becomes a Contract. During the offer/counter-offer process, the listing broker is required by law to continue presenting all offers to the Seller.
Further, during the offer/counter-offer process, the Seller may withdraw his counter-offer and accept another contract. Likewise, the Buyer may withdraw his counter-offer and purchase a different property.
The Negotiating phase is a good time to study our new contract procedures. If you have not read the pamphlet regarding our new contract forms, you can see it online by clicking on the following link: Oklahoma Uniform Contract Information.Many changes in procedures and terms will be explained therein. Potential misunderstandings and problems will be avoided if you are somewhat familiar with this information.
Once both parties agree and all documents have been signed and delivery accepted, then we have an executed contract. This is when I will endorse the earnest money check and give it to the listing associate to put in the broker’s escrow account until closing.
Now we have an accepted offer. What comes next? Unless otherwise stated in the contract, we have 5 days from the time reference date of the contract to apply for mortgage financing and 10 days to do home inspection and to get insurance coverage.
We both will attend the inspections, because you will learn much about the property during this process. If you cannot be there, you can be assured I will be there.