Free Offer to Purchase Real Estate

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Create Your Free Offer to Purchase Real Estate

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Offer to Purchase Real Estate

Where is the property located?


Where is the property located?

England

EnglandBuilt for England
Different countries have different rules and regulations. Your Offer to Purchase Real Estate will be customised for England.





Your Offer to Purchase Real Estate

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Offer to Purchase Real Estate Page of
Seller(s) initials: ______________ Date: __________________________<br/><br/>Buyer(s) initials: ______________ Date: __________________________ Page of

Offer to Purchase Real Estate

THIS OFFER TO PURCHASE REAL ESTATE (the "Offer")

IS MADE BY:


_________________________ of _________________________
(the "Buyer")

OF THE FIRST PART

- TO -

_________________________ of _________________________
(the "Seller")

OF THE SECOND PART

SUBJECT TO CONTRACT

Background

The Buyer wishes to submit an offer to purchase a certain completed home from the Seller under the terms stated below.

This Offer is meant to establish the basic terms to be used in a future contract for the sale of the Property between the Seller and the Buyer (collectively the "Parties"). The terms contained in this Offer are not comprehensive and it is expected that additional terms may be added and existing terms may be changed or deleted. The terms are as follows:

  1. Real Property
  2. The legal description of the Property is as follows: ______________________________________________________________
    ______________________________________________________________ located at ________________________________, which includes the fixtures and improvements located on the Property except as provided for in this Offer. All property included within this Offer is referred to as the "Property".

  3. Sales Price
  4. The total purchase price for the Property is £__________ (the "Purchase Price"), payable as follows:
    1. The Buyer will pay a deposit of £______________ (the "Deposit") in cash to __________________________, to be held in escrow, on or before 28 May 2022. On the Closing Date, __________________________ will credit the Deposit to the Seller.
    2. The Buyer will pay the balance of the Purchase Price in cash or equivalent in financing at closing unless otherwise provided in this Offer. The balance will be subject to adjustments.
  5. Return of Deposit
  6. __________________________ will return the Deposit to the Buyer if the Offer is rejected or expires pior to acceptance.
  7. Offer Subject to Contract
  8. This Offer represents a preliminary agreement only and does not create a legally binding sales contract. The sale of the Property will be contingent upon the exchange of a legally binding sales contract.
  9. Closing & Possession
  10. The closing date will be on or be prior to 29 May 2022 (the "Closing Date") or at such other time agreed by the Parties, at which point the Buyer will take possession of the Property.
  11. Energy Performance Certificate
  12. The Seller must provide to the Buyer, free of charge, a valid energy performance certificate on or before 28 May 2022.
  13. Addenda
  14. In addition to any aforementioned required documents, the following documents are also attached and form part of this Offer:
    1. Mortgage offer.
  15. Notices
  16. All notices pursuant to this Offer must be written and signed by the respective party or its agent and all such correspondence will be effective upon it being mailed with return receipt requested, hand-delivered, or transmitted by facsimile as follows:

    Buyer
    Name: _________________________
    Address: _________________________
    Phone: _________________________
    Facsimile: _________________________
    E-mail: _________________________

    Seller
    Name: _________________________
    Address: _________________________
    Phone: _________________________
    Facsimile: _________________________
    E-mail: _________________________

  17. Severability
  18. If any term or provision of this Offer will, to any extent, be determined to be invalid or unenforceable by a court of competent jurisdiction, the remainder of this Offer will not be affected and each unaffected term and provision of this Offer will remain valid and be enforceable to the fullest extent permitted by law.
  19. Interpretation
  20. Headings are inserted for the convenience of the Parties only and are not to be considered when interpreting this Offer. Words in the singular mean and include the plural and vice versa. Words in the masculine gender mean and include the feminine gender and vice versa. Words importing persons include firms and companies and vice versa.
  21. Time of Essence
  22. Time is of the essence in this Offer. Every calendar day except Saturday, Sunday or a bank holiday will be deemed a business day and all relevant time periods in this Offer will be calculated in business days. Performance will be due the next business day if any deadline falls on a Saturday, Sunday or a bank holiday. A business day ends at 5:00 p.m. local time where the Property is situated.

Buyer's Offer

This is an offer to purchase the Property on the above terms and conditions. The Seller has the right to continue to offer the Property for sale and to accept any other offer at any time prior to acceptance by the Seller, subject to the terms of this agreement. If the Seller does not accept this Offer from the Buyer by 28 May 2022, this Offer will lapse and become of no force or effect.

Signature: ____________________________
Buyer's Name: _________________________
Address: _________________________

Date: ____________________________
Phone: _________________________

Marital status: ___Single ___Married ___Separated ___Divorced



Seller's Acceptance/ Counter-Offer/ Rejection

_____Acceptance of offer to purchase: The Seller accepts the foregoing Offer on the terms and conditions specified above, and agrees to convey the Property to the Buyer.

_________________________
Seller's Signature

_________________________
Date

_________________________
Time

_____Counteroffer: The Seller presents for the Buyer's Acceptance the terms of the Buyer's Offer subject to the exceptions or modifications as specified in the attached addendum.

_________________________
Seller's Signature

_________________________
Date

_________________________
Time

_____Rejection: The Seller rejects the foregoing Offer.

_________________________
Seller's Signature

_________________________
Date

_________________________
Time





Seller's Name: _________________________
Address: _________________________

Date: ____________________________
Phone: _________________________

Marital status: ___Single ___Married ___Separated ___Divorced


What is an Offer to Purchase Real Estate? 

An Offer to Purchase Real Estate form outlines a potential transaction between a buyer and seller. Typically, a buyer (or their real estate agent) uses this offer letter to establish a purchase price, deposit amount, and conditions on the sale of private or commercial property.

If both parties sign the offer, they agree to continue sales negotiations in good faith. Once all the conditions are met, they may proceed with a Contract to Purchase Real Estate.

However, in Scotland, you can use LawDepot’s Offer to Purchase Real Estate as part of the final sales contract, along with any missives (letters negotiating details about the sale) exchanged between the parties. 

How do I fill out an Offer to Purchase Real Estate form?

Use LawDepot’s Offer to Purchase Real Estate template to draft a quick and comprehensive letter. 

1. Provide buyer and seller details

Include full names, addresses, and phone numbers for both the buyer and the seller.

2. Describe the property

Include the legal land description of the property. The legal property description can be obtained from your local Land Registry Office.  Also include descriptions of any furniture or fixtures inside the building. 

3. Suggest a purchase price

Include the total purchase price and the amount that the buyer will deposit, when the deposit is due, and who will hold the deposit until the end of the deal.

You should also state how the deposit will be paid (i.e., cash, personal cheque, or banker’s draft).

4. Pick a date for closing and possession

Real estate transactions typically allow some time between the offer and closing dates. This gives the buyer and seller the opportunity to address conditions, such as securing financing or conducting house inspections. Talk with your real estate agent and lawyer to decide on the best date for closing and possession. 

5. Outline the conditions the offer is subject to

Typical conditions include requiring the buyer to secure financing and the completion of a professional home inspection. If conditions are not met by the closing date, the buyer or seller may cancel the offer.

6. Pick a date for the seller to accept or reject the offer

This date should precede the closing date and give enough time in between for organising the logistics of the sale.

Do you need a mortgage before making an Offer to Purchase?

In most cases, a buyer obtains a mortgage after making an offer on a piece of real estate. For instance, the buyer might want to negotiate the sale price of the property or ensure certain repairs are made before they proceed with financing.

The Offer to Purchase letter provides a timeline for the buyer to obtain a mortgage or otherwise secure financing before the offer is binding and the sale is closed.

However, a buyer may seek a mortgage decision in principle so that they don’t make an offer that they cannot afford. In this case, mortgage lenders can identify the maximum amount that you qualify for. 

Is an Offer to Purchase legally binding?

When executed correctly, an Offer to Purchase is a legally binding contract. The parties are legally obligated to fulfil the contract if it contains the following elements:

  • Offer and Acceptance: The buyer puts forth an offer that the seller accepts. They both sign the letter to prove they agree to the terms.
  • Mutuality: The parties in the contract have a “meeting of the minds” in which they intend to enter into an enforceable agreement.
  • Consideration: Both parties stand to gain something from the agreement. In this case, the buyer’s consideration is possession of a property, while the seller’s consideration is a sum of money.
  • Capacity: The parties in the contract have the legal ability to sign, meaning they’re of legal age and sound mind. 
  • Legality: The terms of the contract do not break any laws (e.g., a seller cannot list a property for sale that they don’t own).

How do I cancel an Offer to Purchase?

You cannot withdraw an offer once the seller accepts. However, you can specify conditions that must be met for the property sale to go through. For example, the buyer might need to sell their property before they purchase another. If the buyer is unable to sell their property, they may legally cancel the Offer to Purchase. 

Similarly, a seller might cancel a sale following a condition outlined in the Offer to Purchase. For example, the buyer’s offer might be contingent on a home appraisal. If the appraisal amount is low and the seller doesn’t want to reduce their listed price to match the appraisal, they may cancel the offer. 

In Scotland, until the missives are concluded, either party may back out of the sale. However, once binding, both sides can be liable for damages should they withdraw from the agreement. 

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