{"id":7199,"date":"2026-04-14T04:19:17","date_gmt":"2026-04-14T11:19:17","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=7199"},"modified":"2026-04-14T21:49:31","modified_gmt":"2026-04-15T04:49:31","slug":"offer-to-purchase-real-estate","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/offer-to-purchase-real-estate\/","title":{"rendered":"Review These Terms Before You Sign the Offer to Purchase Real Estate"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Now that you have a purchase offer in hand, you\u2019re in the home stretch, so to speak, of <\/span><a href=\"https:\/\/www.homelight.com\/blog\/guide-how-to-sell-a-house\/\"><span style=\"font-weight: 400;\">selling your house<\/span><\/a><span style=\"font-weight: 400;\"> \u2014 but don\u2019t sign the paperwork or pop the champagne just yet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An offer to purchase real estate, also called a real estate purchase contract or a residential purchase agreement, is a legal agreement that identifies the seller(s) and the buyer(s), but it stipulates much more than just the final price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There\u2019s a lot to review, but our real estate experts have helped break down the most common areas where real estate purchase offers can go awry and what to read closely before you sign.<\/span><\/p>\n\n\n\n\n\n<div class=\"geo-cta widget-cta widget-cta--content     widget-cta--dark widget-cta--dark-blue-gradient\">\n    <div class=\"widget-element--content\">\n        <div class=\"widget-element--content-header\">\n            <img decoding=\"async\" alt=\"homelight logo\" class=\"widget-element--logo\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/themes\/ccprototypev5\/images\/logo-small-cta.png\" width=\"106\" height=\"25\" \/>\n        <\/div>\n        \n                <h3 class=\"cta-headline widget--bold\">Find a top real estate agent near you<\/h3>\n                        <p>We analyze millions of home sales to find real estate agents that sell homes faster and for more money. It takes just two minutes to match you with your personalized recommendations.<\/p>\n        \n                <div class=\"widget-element--buttons\">\n            <a data-type=\"In Content CTA\" href=\"https:\/\/www.homelight.com\/find-agent\/quiz\/seller?#\/qaas=0\/\" class=\"cta-click-track widget-element--button\">Find Agent<\/a>\n        <\/div>\n                    <\/div>\n<\/div>\n\n\n<div id=\"section--1\" data-toc-header=\"Do you have the correct purchase offer form?\" data-toc-type=\"head\"><\/div>\n<h2>Do you have the correct purchase offer form in front of you?<\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.homelight.com\/blog\/what-is-a-purchase-agreement\/\"><span style=\"font-weight: 400;\">real estate purchase offer<\/span><\/a><span style=\"font-weight: 400;\"> typically includes the following items:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A description of the property and its condition<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What fixtures and appliances are included (or not)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount of the earnest money deposit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The prospective closing date<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Terms of possession<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any contingencies that must be met before the sale is finalized.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here\u2019s a <\/span><a href=\"https:\/\/www.thebestclosings.com\/wp-content\/uploads\/2017\/10\/BLANK-OFFER-TO-PURCHASE-FORM.pdf\"><span style=\"font-weight: 400;\">sample form<\/span><\/a><span style=\"font-weight: 400;\">, but these documents can vary depending on the type of property and where you live. The purchase agreement for a <\/span><a href=\"https:\/\/www.homelight.com\/blog\/buyer-dos-and-donts-of-buying-new-construction\/\"><span style=\"font-weight: 400;\">new construction<\/span><\/a><span style=\"font-weight: 400;\"> residential purchase is different from one for a <\/span><span style=\"font-weight: 400;\">manufactured home<\/span><span style=\"font-weight: 400;\"> purchase. Or if you\u2019re buying property that\u2019s in <\/span><a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-is-a-probate-sale\/\"><span style=\"font-weight: 400;\">probate<\/span><\/a><span style=\"font-weight: 400;\">, your state might require additional paperwork.<\/span><\/p>\n<div id=\"section--2\" data-toc-header=\"How does the buyer plan to pay?\" data-toc-type=\"head\"><\/div>\n<h2>How does the buyer plan to pay?<\/h2>\n<p><span style=\"font-weight: 400;\">You want to make sure that the purchase price listed is what you\u2019ve agreed upon with the buyer, but you also want to know the conditions of payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some purchase contracts offer several variables, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The buyer paying the entirety of the price in cash at the time of closing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The price being paid in cash subject to the purchaser\u2019s ability to obtain a mortgage within a certain amount of days<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The buyer paying the purchase price after deducting the balance of the existing mortgage<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The buyer purchasing the property and assuming the existing mortgage<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The buyer\u2019s agent will fill out the appropriate field depending on how their client is able to pay.<\/span><\/p>\n<div id=\"section--3\" data-toc-header=\"Does the buyer meet the minimum down payment requirement for their mortgage?\" data-toc-type=\"head\"><\/div>\n<h2>Does the buyer meet the minimum down payment requirement for their mortgage?<\/h2>\n<p><span style=\"font-weight: 400;\">Another important aspect to check for is the down payment percentage. Depending on your location, <\/span><a href=\"https:\/\/www.homelight.com\/blog\/buyer-what-is-the-difference-between-fha-and-conventional-loan\/\"><span style=\"font-weight: 400;\">loans for certain types of properties or from specific lenders<\/span><\/a><span style=\"font-weight: 400;\"> may require a minimum down payment, and if the buyer can\u2019t come up with the funds, then you\u2019ll have to start the process of marketing your house all over again.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, in the Chicago area, some houses have small apartments within them similar to in-law suites, making the house a two-unit building, according to <\/span><a href=\"https:\/\/www.homelight.com\/agents\/santiago-valdez-il-475153660\"><span style=\"font-weight: 400;\">Santiago Valdez<\/span><\/a><span style=\"font-weight: 400;\">, a Chicago, Illinois, agent with <\/span><span style=\"font-weight: 400;\">24<\/span><span style=\"font-weight: 400;\"> years of experience. A buyer with a loan for a single-family house might put down 5% for the purchase, as that type of loan requires, but the property is technically a two-unit building and requires a 15% down payment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSellers, a lot of times, may not be paying much attention to that,\u201d Valdez says. \u201cThe buyer and seller may engage and go through the whole routine, only to get out of the contract within two weeks.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An offer to purchase real estate is chock full of details. Let\u2019s walk through the terms included and learn how to read the fine print.<\/p>\n","protected":false},"author":76,"featured_media":37782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[243,322],"tags":[],"class_list":["post-7199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-contracts","category-logistics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Offer to Purchase Real Estate: Review Terms Before Signing<\/title>\n<meta name=\"description\" content=\"An offer to purchase real estate is chock full of details. 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