Wondering exactly what an Offer to Purchase entails? First-time home buyers may find this concept a bit confusing. When deciding on buying a repossessed house, you need to know exactly what the function of the Offer to Purchase is.
An Offer to Purchase is an agreement containing the terms and conditions for transactions on a property. An agreement between the buyer and seller needs to be in place.
Some of the aspects which will be addressed in an Offer to Purchase are occupation date, occupation rent (when applicable), and the conditions of sale. Once the Offer to Purchase is sealed and signed by both the buyer and the seller, it becomes the Deed of Sale.
A thorough and precise Offer to Purchase is needed in order to avoid possible future disputes. It eliminates confusion and both parties know exactly what to expect from one another.
Buyers need to be well-informed with what the Offer to Purchase states. When unsure about any clause, they should find out exactly what it means.
Luckily, when buying a repossessed house, the banks use a standard, set-out Offer to Purchase. Great bargains are available when buying repossessed properties so why not start filling out an Offer to Purchase for your dream home today?