How do I structure an offer letter on a property?

Question

what items need to be addressed in an offer letter? how do I structure it?

Answer 1

I use the form provided to me by my broker that has been approved my state RE board.  

It is part of a legally binding contract.  You should contact an attorney with this question otherwise you may be taking on an unnecessary liability.

Answer 2

I'd contact a REALTOR.  We have access to all the required forms and documentation for such a transaction.

REALTORS do this everyday. You probably don't buy a house every day. Work with a REALTOR, not a sales agent, and you'll be fine.

Answer 3

1. property address

2. a price and any other terms you have discussed

3. signatures of grantor and grantee's acceptance (you and buyer)

4. valuable concideration ( deposit)

Answer 4

With all due respect, your question is so basic as to indicate you need significant professional assistance with this.  Seek a realtor or attorney before you end up in a legal mess.  This is a classic case of "you don't even know enough to know you don't know."

Answer 5

You need to include the names of the buyers and the names of the sellers, the address of the property, the price you are offering, whether it's cash or mortgage, how long you think it will take to go to closing, how much time you are giving the sellers to get back to you on the offer, who pays for the termite inspection, list any personal property you want to remain with the property (refrigerator, stove, etc.), if you are including any earnest money then list the amount, put in there that the contract will be null and void if you don't get approved for a mortgage and the earnest money will be returned, and list any contingencies (like the contract is contingent on a home inspection meeting the buyer's satisfaction).  That's all I can think of off the top of my head.  It's been a while since I filled out a real estate offer.

Answer 6

What you are talking about is a "letter of intent", and it is a great way to make an initial offer. I use it on apartments all the time.  It just needs to spell out your basic offer.  It is different than the fill-in-the-blank CONTRACT that the realtors answering your question are referring to.  

Structure it like a normal business letter, not a contract per se.  I include the name and address of the property, the price, the earnest money you propose, the inspection period, any contingencies (financing, etc), but you can include more or less information as you see fit.  Sign it like a letter and then follow that with a line like "Agreed to and accepted by:" with a line for them to sign and date if they accept your LOI.  This type of LOI is very informal and essentially unenforceable.  It just serves as a prelim to a formal Purchase and Sale Agreement (contract) that would follow.

You probably should consult an attorney just to be sure there aren't any particular state laws or liability you need to be aware of, but I wouldn't.  I'd go forward, and then bring the attorney in to draft the contract when it looks like you have agreed on basic terms.  Good luck!

Answer 7

If you know all the legal menutia, you can get a purchase contract from your local stationery store or Office Max or buy them online. These forms can be altered by you to match your exact situation. If you've never written an offer to purchase property, get a realtor, get a realtor, get a realtor. There's a reason they have to get educated and take a test to be able to get a license. You are entering into a legal contract and can lose your shirt if you don't know what you're doing.